The UK Will Announce a New Cryptocurrency Supervision System in the Near Future

According to a recent report issued by CNBC, the UK government is preparing to publish its cryptocurrency regulatory framework in the near future. The report quoted people familiar with the matter as saying that the new cryptocurrency rules will have a positive impact on cryptocurrency enterprises and investors.

The main purpose of the upcoming regulatory framework is to get rid of the regulatory uncertainty that continues to plague the industry.Treasury officials have been working side by side with cryptocurrency companies and trade groups to propose common sense regulations. Gemini, the popular cryptocurrency exchange led by the Winklevoss twins, is expected to be part of the dialogue.

It is reported that Treasury officials have tried to understand the context of some complex cryptocurrency products, such as stable currency.

Earlier this week, Reuters reported that the Bank of England (BOE) had begun to develop the UK’s first regulatory framework. At present, despite the significant growth in Europe. and other countries over the past year, cryptocurrencies are still largely unregulated.

Despite the surge in cryptocurrency, the Bank of England’s Financial Policy Committee (FPC) believes that it has not threatened the country’s financial stability. However, the uncontrolled growth of cryptocurrency may become more dangerous in the future. Earlier this year, the financial conduct authority (FCA) banned cryptocurrency ATMs.

Last year, Bank of England governor Andrew Bailey described cryptocurrency as “dangerous”. Of course, the UK is far from the only country currently committed to regulating cryptocurrency. US President Joe Biden recently announced the country’s long-awaited executive order. Although it lacks clarity on some key points, it has been widely praised by members of the cryptocurrency industry.