UK unveils new law to regulate crypto-asset industry
On Tuesday, British Finance Minister Rachel Reeves announced that the UK plans to introduce legislation aimed at properly regulating crypto-assets.
As of August 2024, research released by the Financial Conduct Authority (FCA) estimated that 12 percent of the UK population, which comes up to approximately 7 million adults, own crypto-assets, signifying growing interest in the field, News.Az reports citing foreign media.
In place of a comprehensive regulatory framework, the FCA currently handles crypto-asset businesses under the Money Laundering Regulations (MLRs) to eradicate financial crime.
Under the new rules, crypto exchanges and prominent dealers are expected to operate within the new regulations, in a bid…
