UK unveils plan to regulate crypto trading and lending

The UK government has presented a vision to the crypto community for discussion of a future updated regulatory framework in the field of cryptocurrencies.

The published document says that the country's financial regulators should develop a regime that covers all registered crypto service providers and lending platforms.. Objectives: to form clear prudential requirements for consumer protection, to ensure transparent conditions for the release and disclosure of information about crypto assets, helping to prevent potential abuse.

Treasury Secretary Andrew Griffith said his office hopes to achieve “clear, effective and timely regulation and active engagement with the industry.”

According to media reports, representatives of the cryptocurrency exchange Binance have already agreed with the regulator's view that a stable regulatory framework will stimulate innovation and build trust that contributes to the long-term growth of the industry. Ian Taylor, member of the Board of Directors of the industry self-regulatory organization CryptoUK, confirmed his willingness to consult with the Ministry of Finance on crypto-regulation issues.

Last year, CryptoUK joined the UK Cross-Party Parliamentary Group (APPG), which began to study the views of all stakeholders on the issue of digital asset oversight.