This is the culmination of a yearslong effort in the U.K. government to create new rules to govern cryptocurrency business within its borders. As such, it represents something of a departure for the U.K. from its usual approach to crypto asset regulation. Historically, Britain’s financial regulators have not had the power to regulate – and thus have avoided regulating – crypto-assets such as Bitcoin, Ethereum, Cardano, or Cosmos in their capacity as investments, at least in the same manner that they regulated TradFi instruments such as securities. This differs significantly from the regulatory landscape in the United States where, infamously, the SEC asserts more or less plenary authority over the cryptocurrency sector by utilizing 90-year-old securities legislation, and in relation to which it has been prosecuting a regulation-by-enforcement campaign in the federal courts.
Related posts
-
Cryptocurrency Mining Gets Green Light in Russia, Putin Signs New Law
Russia took a significant step in legalizing cryptocurrency mining in the region. The new law has... -
Pakistan proposes new crypto framework to central bank rules
The State Bank of Pakistan has proposed a legal framework to recognize digital assets, including cryptocurrency,... -
Historic: Central Bank of Argentina Hosts Cryptocurrency Art Exhibition
The Central Bank of Argentina has opened its doors to host a cryptocurrency-themed art exhibition for...