The UK Treasury opened its proposals for the regulation of crypto assets to public consultation on February 1, 2023, and the consultation period closed on April 30, 2023.
In a document published after the Treasury completed its evaluation of the feedback received, the British government confirmed its plans to regulate crypto assets more strictly and bring them under the regulatory framework for financial services.
The document stated, "The UK is committed to creating a regulatory environment where firms can innovate while maintaining financial stability and clear regulatory standards so that people can use new technologies both reliably and safely."
The government plans to introduce the legislation to implement the changes in 2024.
News Source: AA
