UK pushes to regulate crypto industry to protect consumers
The crypto market has been termed as one of the most fragile and unpredictable markets for both novice and experienced investors. It’s quick to lose money as quickly as you earn a magnificent chunk.
In light of this, the United Kingdom government is advancing plans to regulate the crypto industry in a bid to “provide confidence and clarity to consumers and businesses alike.”
In a statement released early Wednesday, the government notes: “As is common in emerging technology markets, the crypto sector continues to experience high levels of volatility and a number of recent failures have exposed the structural vulnerability of some business models in the sector.”
Economic Secretary to the Treasury, Andrew Griffith said that efforts to grow the economy take into account technological change and innovation, but there is also a need “to protect consumers who are embracing this new technology – ensuring robust, transparent, and fair standards.”
Across the globe, the crypto industry has remained largely unregulated. Even where laws to control the industry exists, there still are lots of loopholes that are yet to be addressed.
The UK government has opened a forum where stakeholders are expected to give proposals on how to best regulate the industry. The consultations will close on 30 April 2023, after which, the government will consider feedback and work to set out its consultation response.
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