Consumers’ Friendly Crypto Regulation to Be Introduced in the UK

The role of crypto’s risks and opportunities is to be decided by the public, before being submitted to the UK’s House of Commons.

Consumers’ Friendly Crypto Regulation to Be Introduced in the UK

Since Tuesday, 12th of July, the public has been able to submit their reviews that have to do with the role of crypto assets in the United Kingdom to the UK Treasury committee’s inquiry. It is stated that the Treasury Committee with Bank of England and Financial Conduct Authority are exploring:

How regulation could be balanced to provide adequate protection for consumers and businesses without stifling innovation.”

Moreover, the Committee will be assessing how cryptocurrencies and distributed ledger technologies could impact individuals, businesses, and financial institutions.

The due date is until the 12th of September for the British public to submit the required evidence for the committee's possible use in its report to the Parliament. Furthermore, the UK Government is studying the regulators and laws addressing crypto in other countries, especially the resources and environmental impact of using crypto.

The committee has been occupied with questions about the impact of the crypto-assets social inclusion and the risks or chances they pose for public and private sectors of the economy and individuals.

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