Brits Step Up Their Crypto Game
The UK government recently announced a consultation paper regarding cryptocurrency regulations. According to the paper, the UK is looking for ‘robust’ measures to be taken in order to ensure that consumers’ funds as well as their data are adequately protected.
It’s a move that has been welcomed by some, with the proposed regulations being praised for being ‘well-thought-out’ and ‘sensible’. However, cryptocurrency enthusiasts may be worried that these regulations could be a step too far.
What’s Included?
This new consultation is looking into regulating how companies dealing with cryptocurrency must correctly store customers’ data. As well as this, the government is seeking to impose anti-money laundering laws, which will require these companies to determine the source of funds being used. They are also looking to impose a ban on derivatives that are connected to cryptocurrencies.
Sensible Yet Controversial
The British government has certainly taken steps to make sure customers are protected with their new proposals. On the other hand, the proposals may have a few unforeseen consequences. For example, some have pointed out that the anti-money laundering laws could be used to crack down on legitimate consumers, who are simply looking to enjoy the benefits of cryptocurrency.
It’s Time to Take It Seriously
In the world of cryptocurrencies, it looks like the British government is finally taking it seriously. Even though some may disagree with the proposals – or don’t believe they go far enough – it’s a step in the right direction. It’s reassuring to know that the UK is taking a “robust”, and hopefully sensible, approach to crypto regulations.
Now, it’s just a case of waiting to see how the consultation will pan out, and what the rules will be in the end.
