{"id":4658,"date":"2023-03-07T17:31:58","date_gmt":"2023-03-07T17:31:58","guid":{"rendered":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/?p=4658"},"modified":"2023-03-07T17:31:58","modified_gmt":"2023-03-07T17:31:58","slug":"government-promises-robust-crypto-regulation","status":"publish","type":"post","link":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/2023\/03\/07\/government-promises-robust-crypto-regulation\/","title":{"rendered":"Government promises robust crypto regulation"},"content":{"rendered":"\n<p>The government has published proposals for crypto-asset regulation it hopes will &#8220;manage&#8221; the risks of the &#8220;turbulent industry&#8221;.&nbsp;<\/p>\n\n\n\n<p>The sector has had a calamitous year, with assets collapsing in value by an estimated 75% from their peak of about $3 trillion in November 2021.<\/p>\n\n\n\n<p>Ministers estimate up to 10% of UK adults now own some form of crypto.<\/p>\n\n\n\n<p>They plan to use existing regulations for the industry, rather than creating a bespoke regime.<\/p>\n\n\n\n<p>The Treasury says that will allow crypto to benefit from the &#8220;confidence, credibility and regulatory clarity&#8221; of the existing system for financial services, as set out in the UK&#8217;s Financial Services and Markets Act 2000 (FSMA).<\/p>\n\n\n\n<p>It wants to create a level playing field between traditional and emerging financial services, where the principle is &#8220;same risk, same regulatory outcome&#8221;.<\/p>\n\n\n\n<p>But it also acknowledges some crypto businesses may simply choose to continue operating in offshore jurisdictions that &#8220;do not impose equivalent market-abuse rules&#8221;.<\/p>\n\n\n\n<p>The Treasury says its proposals &#8211; which it&#8217;s now consulting on &#8211; will:<\/p>\n\n\n\n<ul>\n<li>lay down rules on crypto-asset promotions which are fair, clear and not misleading<\/li>\n\n\n\n<li>enhance data-reporting requirements, including with regulators<\/li>\n\n\n\n<li>implement new regulations to prevent so-called pump and dump, where an individual artificially inflates the value of a crypto asset before selling it<\/li>\n<\/ul>\n\n\n\n<p>Ministers say the measures will &#8220;mitigate the most significant risks&#8221; of crypto technologies, while &#8220;harnessing their advantages&#8221;.&nbsp;<\/p>\n\n\n\n<p>Economic Secretary to the Treasury Andrew Griffith said the government remained &#8220;steadfast in our commitment to grow the economy and enable technological change and innovation &#8211; and this includes crypto-asset technology&#8221;.<\/p>\n\n\n\n<p>&#8220;But we must also protect consumers who are embracing this new technology &#8211; ensuring robust, transparent and fair standards,&#8221; he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government has published proposals for crypto-asset regulation it hopes will &#8220;manage&#8221; the risks of the &#8220;turbulent industry&#8221;.&nbsp; The sector has had a calamitous year, with assets collapsing in value by an estimated 75% from their peak of about $3 trillion in November 2021. Ministers estimate up to 10% of UK adults now own some [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,3,9],"tags":[20,10,2],"_links":{"self":[{"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/posts\/4658"}],"collection":[{"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/comments?post=4658"}],"version-history":[{"count":0,"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/posts\/4658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/media\/4638"}],"wp:attachment":[{"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/media?parent=4658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/categories?post=4658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ld-wp73.template-help.com\/wordpress\/prod_3201\/v3\/wp-json\/wp\/v2\/tags?post=4658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}