according to BloombergUK Chancellor Rachel Reeves revealed that the UK will work with the United States to organize the cryptocurrency.
Reeves stressed that international cooperation is very important in order to ensure that the UK maintains a pioneering location in the scene of global digital assets.
This comes after the world’s largest economy has moved quickly to embrace the encryption industry.
Last week, Reeves Declare She met Pastt to discuss the economic prosperity deal in the United Kingdom.
The new organizational system in the United Kingdom
On Tuesday, Reeves also unveil A draft laws aimed at bringing exchange and mediators in compliance. The new rules are supposed to enhance the investor’s confidence and drive growth.
Under the proposed legislation, encryption exchanges and mediators will be organized as traditional sectors such as investment and insurance banking services.
The qualified “Cryptoassets” and “Stablecoins” will be classified as specific investments.
It will require activities such as the operation of the cryptocurrency trading platform, the stablecoins version, the encryption, and the arrangement of deals in Crypto, then from the Financial Conduct (FCA).
Meanwhile, decentralized financing projects (Defi) will not have to be without a decentralized controlling party to follow the mandate requirements.
The UK regulatory system is expected to be established by the end of the year.
