UK Releases Draft Rules on Regulating Crypto Sector

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The UK finance ministry released draft rules on Wednesday to regulate the troubled crypto industry, aimed at addressing the risks posed by the sector, as highlighted by the recent collapse of exchange FTX.

“Our view is that this reinforces the case for clear, effective, timely regulation and proactive engagement with industry,” the UK Finance Minister Andrew Griffith said in proposals put out to public consultation.

The proposed rules would cover various aspects of the crypto sector, including admission to trading platforms, public offers, transactions and remittances, platform operations, custody, mining transactions, and operating a node on blockchain.

Currently, crypto firms are only asked to comply with anti-money laundering requirements.

Crypto exchange giant Binance has welcomed the public consultation, claiming it has been “vocally supporting” the need for effective and proper regulation.

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