The United Kingdom Tightens Crypto Regulation

According to the Financial Times, the Bank of England is now completing its crypto regulation strategy, which involves major regulatory reforms to the crypto sector as well as how the bank interacts with businesses foreign.

With the collapse of FTX posing a threat to the whole digital asset business, the regulation has emerged as a hot topic of debate in the financial sector.

Many industry professionals believe that countries must swiftly implement clear digital asset legislation in order to avoid incidents like LUNA and FTX.

The United Kingdom is currently the first country to take significant action in the form of regulatory legislation.

“The UK has acted to finalize a strategy to regulate cryptocurrency in the country,” according to the source.

According to the Financial Times, UK regulators will crack down on crypto fraud while tightening rules on foreign companies operating in the UK. “Regulations on how to cope with the collapse of digital asset firms and limit products that deceptively represent cryptocurrencies.”

“Ministers will shortly undertake a consultation on a new regulatory system for digital asset,” according to the article, which comes after Prime Minister Rishi Sunak proclaimed “required regulation.”

This year, the UK Financial Conduct Authority (FCA) is alleged to have begun an investigation into a number of UK-based cryptocurrency enterprises. Furthermore, additional powers will be adopted to allow the FCA to monitor the industry more generally.

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