UK Government Develops Fresh Crypto Regulations in Response to Trump’s Pro-Crypto Measures
Key takeaways
UK Government Plans To Lay Out Fresh And More Friendly Crypto Regulations
According to a Bloomberg report citing people familiar with the matter, the UK government plans to reposition the region as a global hub for digital assets with new and friendly crypto regulations.
The report revealed that the new legislation focuses on improving regulatory rules for crypto exchanges and trading platforms. It will facilitate a world-first-time regime for crypto lending and strengthen data reporting processes within the region. The regulations will exempt some crypto services, such as those associated with custodial wallets and staking.
In addition, the UK Treasury proposed fresh legislation for the stablecoin sector. These rules will center on crypto-asset promotions via fair, clear, and non-misleading approaches.
Also, the new regulations aim to mitigate some prominent risks associated with crypto technology while ensuring safety and innovative growth.
Andrew Griffith, the Economic Secretary to the Treasury, commented on the government’s commitment to boost the economy. He noted that such moves come through technological and innovative changes, including digital asset technology.
Griffith also stated, “But we must also protect consumers who are embracing this new technology – ensuing robust, transparent and fair standards.”
In September this year, the UK authorities introduced the Property Bill, a broader digital asset regulatory legislation. This bill focuses on ensuring the safety of ownership rights of digital assets such as cryptocurrencies, NFTs, and carbon credits.
The move from the UK authorities came following the recent boom in the crypto industry via Trump’s victory. Donald Trump has indicated plans to introduce pro-crypto policies that will boost engagement in digital assets in the United States.
However, the UK’s recent move shows its intention to follow a similar trend and establish a more supportive and friendly environment for investors. Moreover, the UK didn’t want to appear as an unpredictable regulatory region that could deter the growth and expansion of crypto-related companies.
According to its plans, the UK aims to attract crypto investors while reflecting growth opportunities for their businesses and activities.
Crypto Investors Anticipate More Growth Through Trump’s Pro-Crypto Policies
The US President-elect Donald Trump has reflected a pro-crypto stance, sparking more expectations within the industry. In his speech at the 2024 Bitcoin conference in Nashville, Trump promised to make the US a global crypto industry leader.
Following Trump’s recent victory, the crypto market launched a bullish trend, with significant price rallies across most assets. Bitcoin indicated a progressive rise while hitting new peaks within the past week.
According to data from Coinmarketcap, BTC hits a new ATH of $93,434 as of November 13. Currently, Bitcoin trades at $91,393, highlighting a 4.12% increase. Meanwhile, the cumulative crypto market cap now sits at $3.01 trillion.
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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.
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