“The Government will move at pace to implement a more agile and more internationally competitive set of rules that will harness the potential of U.K. financial services to stimulate growth,” the government’s then Economic Secretary Richard Fuller said in his
“The EU has just agreed to a comprehensive regime for regulating crypto exchanges and crypto assets more broadly, and Joe Biden has said that he is looking to do something similar,” said Opposition Treasury Spokesperson Tulip Siddiq at an October bill committee meeting, adding that slow rulemaking “risks leaving our country behind in the fintech and blockchain race.”
“This looks like it will mostly follow, at least in terms of scope and approach, what the MiCA regulation is doing,” Diego Ballon Ossio, senior associate at U.K.-based law firm Clifford Chance, told CoinDesk. “The U.K. is positioning itself with a regime that is as comprehensive as a European regime.”
“These proposals do not constitute an entirely new regime in the same way that the European Commission has approached MiCA, rather [the U.K. Treasury] plans to work with what we already have and extend our existing framework to this asset class,” Albert Weatherill, financial services partner at Norton Rose Fulbright, said in an emailed statement.
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