The UK Treasury is preparing rules to regulate the cryptocurrency business. The government wants to establish a framework that will lay out an imaginary playground on which cryptocurrencies can move.
Regulations of cryptocurrencies to be announced soon
A package of rules for the regulation of cryptocurrencies is due to be unveiled by the UK Treasury in the coming weeks. People in the cryptocurrency community welcome such a plan and hope that Boris Johnson’s government will take a similar approach to cryptocurrencies as the European Union or the United States.
“Of course, we consider it important to reduce the risk for cryptocurrency holders. At the same time, we hope that the market will not be overregulated. We look forward to seeing how the rules will improve the opportunities that cryptocurrencies present,” Humayun Sheikg, CEO of the Fetch.ai platform, told CoinDesk.com.
Regulations planned by the EU
For example, the regulatory framework to be discussed at the European Union level means that cryptocurrency issuers will have to obtain permission from EU regulators. The rules will also focus on so-called stablecoins, which are pegged to a specific currency such as the US dollar. A set of EU rules is expected to be presented in the middle of this year.
