""This is about recognising that cryptoassets are here to stay, and so we need to modernise regulation to ensure it's fit for the digital age," Rigby said. "Firms have been very clear with us that they want regulatory clarity because it will allow them to invest here.""
"Lucy Rigby said the proposed framework showed the UK's intention to "lead the world in digital assets adoption", amid mounting concern from the crypto industry that Britain has been moving too slowly while rival jurisdictions press ahead."
"In the US, President Trump has vowed to make America the "crypto capital of the world" and has championed a lighter-touch regulatory approach."
The UK government has unveiled legislation to create a comprehensive regulatory regime for cryptoassets, with rules expected to be in force by 2027. The Financial Conduct Authority will design the detailed framework. The City minister said the framework signals an intention to lead global digital assets adoption and that firms seek regulatory clarity to justify investment in the UK. Crypto firms warn the UK risks falling behind the US and EU, which have moved faster on rules. Regulators remain cautious and the FCA has warned consumers they should be prepared to lose all their money when investing in crypto.
Read at Business Matters
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