{"id":395618,"date":"2022-01-18T15:22:03","date_gmt":"2022-01-18T12:22:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uk-treasury-wants-to-remove-blockchain-reference-from-crypto-definition\/"},"modified":"2022-01-18T15:22:03","modified_gmt":"2022-01-18T12:22:03","slug":"uk-treasury-wants-to-remove-blockchain-reference-from-crypto-definition","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uk-treasury-wants-to-remove-blockchain-reference-from-crypto-definition\/","title":{"rendered":"# UK Treasury wants to remove blockchain reference from crypto definition"},"content":{"rendered":"<p>&#8220;<strong># UK Treasury wants to remove blockchain reference from crypto definition  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvYWEyZjA4NDMtNTc1Yy00YTRiLWFmMzktZDhjNzU3YWNjYTc1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The United Kingdom is actively looking to regulate the crypto market and has proposed many new policies to bring various crypto markets under the rule of law. However, among the various newly proposed suggestions, what turned many heads is the request to remove blockchain and Distributed Ledger <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a> (DLT) references from the definition of crypto assets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BRITAIN SETS OUT PLANS FOR REGULATING CRYPTO ASSETS, PROPOSES TO REMOVE REFERENCE TO BLOCKCHAIN FROM THE DEFINITION OF CRYPTO ASSETS<\/p>\n<p>\u2014 *Walter Bloomberg (@DeItaone) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DeItaone\/status\/1483380164243378181?ref_src=twsrc%5Etfw\">January 18, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nA new crypto <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/1047232\/Cryptoasset_Financial_Promotions_Response.pdf\">report<\/a>\u00a0titled \u201cCryptoasset promotions: Consultation response\u201d from the Her Majesty\u2019s (HM) Treasury noted that, while most crypto assets use DLT or blockchain as an underlying technology, it might change over time the industry evolves. Thus, crypto assets must be exempt from the reference of DLT to \u201cfuture-proof the definition for innovations.\u201d The official statement said:<\/p>\n<blockquote><p>\u201cMost crypto assets currently use distributed ledger technology (DLT), it might be that this changes as the technology and industry evolve. Therefore, the government proposes to remove the reference to DLT from the definition of qualifying crypto assets. &#8220;<\/p><\/blockquote>\n<p><strong><em>Related:\u00a0<\/em><\/strong><strong><em>UK 3rd for ETH ownership as crypto adoption grows 1% in December: Survey<\/em><\/strong><\/p>\n<p>Apart from the controversial crypto-asset definition change, the HM Treasury paper also discussed bringing decentralized finance (DeFi) under the scope of regulation on a case-to-case basis and said the government would closely monitor the fast-growing industry. The official paper read:<\/p>\n<blockquote><p>&#8220;Whether certain crypto assets lending activities or decentralized finance platforms are within the scope of the regime ultimately depends on the activities being carried out and promoted. As such, this will need to be considered on a case-by-case basis.&#8221;<\/p><\/blockquote>\n<p>Many crypto proponents believe the removal of blockchain and DLT reference as proposed by the committee could cast a danger on the decentralized nature of the crypto market. For example, Chinese CBDC e-CNY or digital yuan is said to be based on blockchain technology, however, it\u2019s more of a private blockchain and highly centralized, controlled by the government. The British government seems to be following a similar path with a definition change.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/uk-treasury-wants-to-remove-blockchain-reference-from-crypto-definition\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# UK Treasury wants to remove blockchain reference from crypto definition &#8221; The United Kingdom is actively looking to regulate the crypto market and has proposed many new policies to bring various crypto markets under the rule of law. However, among the various newly proposed suggestions, what turned many heads is the request to remove&#8230;<\/p>\n","protected":false},"author":1,"featured_media":395619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvYWEyZjA4NDMtNTc1Yy00YTRiLWFmMzktZDhjNzU3YWNjYTc1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,88784,70934,4966],"class_list":["post-395618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-uk-government","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/395618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=395618"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/395618\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/395619"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=395618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=395618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=395618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}