UK's take on Crypto!
Britain’s Prime Minister and Chancellor of the Exchequer are planning to create new laws and regulations to control cryptocurrency trading. UK Prime Minister Theresa May has said her administration will look into the use of cryptocurrencies like bitcoin after concerns of their abuse by criminals.
According to The Telegraph 15th April
Ryan Zagone, head of regulatory relations at the transactions innovator and digital currency, called on UK regulators to strike a balance between “capturing risk and enabling innovation”. He highlighted three “pillars” for lawmakers to target in regulation: consumer protection, anti-money laundering and financial stability.
Ripple the worlds third largest digital currency has urged British regulators to follow in the footsteps of Japan. Japan overhauled its rules on Bitcoin last year, introducing legislation to protect consumers and forcing cryptocurrency exchanges to comply with anti-money laundering regulation.
Chancellor Philip Hammond, UK unveiled a new taskforce last month to help safeguard consumers and included representatives from the Treasury, the Bank of England and financial watchdog the FCA.
It appears setting new rules and introducing new cryptos is moving slowly in UK.
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This could also potentially mean a lot of restrictions and taxes being implemented on crypto trading profits. Yes security will be increased, but there will also be a lot of restrictions in place.
Some people could effectively exploit the system.
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