{"id":546357,"date":"2023-02-01T13:44:38","date_gmt":"2023-02-01T10:44:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uk-treasury-publishes-crypto-framework-paper-heres-whats-inside\/"},"modified":"2023-02-01T13:44:38","modified_gmt":"2023-02-01T10:44:38","slug":"uk-treasury-publishes-crypto-framework-paper-heres-whats-inside","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uk-treasury-publishes-crypto-framework-paper-heres-whats-inside\/","title":{"rendered":"# UK Treasury publishes crypto framework paper: Here\u2019s what\u2019s inside"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2624d721de5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2624d721de5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/uk-treasury-publishes-crypto-framework-paper-heres-whats-inside\/#%E2%80%9D_UK_Treasury_publishes_crypto_framework_paper_Heres_whats_inside_%E2%80%9C\" >&#8221; UK Treasury publishes crypto framework paper: Here\u2019s what\u2019s inside &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_UK_Treasury_publishes_crypto_framework_paper_Heres_whats_inside_%E2%80%9C\"><\/span>&#8221; UK Treasury publishes crypto framework paper: Here\u2019s what\u2019s inside &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvY2EwZjVkMDEtZGQ5MS00YzBhLTlhMDEtYmY2ZDE5MzA4MmQ2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>His Majesty\u2019s Treasury <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/consultations\/future-financial-services-regulatory-regime-for-cryptoassets\">published<\/a> a long-anticipated consultation paper for the United Kingdom\u2019s upcoming crypto regulation. The extensive 80-page document covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens (NFTs) and initial coin offerings (ICOs).\u00a0<\/p>\n<p>As stated by the Treasury, the proposals seek to place the U.K.\u2019s financial services sector at the forefront of crypto and avoid hardline control measures that have gained momentum globally amid the crypto winter.\u00a0<\/p>\n<p>The Treasury announced that there won\u2019t be a separate regulatory regime for crypto as it would fall under the framework of the U.K.\u2019s Financial Services and Markets Act 2000 (FSMA). The goal is to level the playing field between crypto and traditional finances. However, Britain\u2019s chief financial regulator, the Financial Conduct Authority (FCA), will tailor the existing FSMA\u2019s rules for the digital assets market. <\/p>\n<p>At least one nuisance from that decision is the obligation for crypto market participants to repeat the registration procedure. They have already had to undergo the process under the FCA licensing regime, but they will now need to be assessed \u201cagainst a wider range of measures.\u201d <\/p>\n<p>The good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> is that, apart from traditional finance, crypto companies won\u2019t have to report their market data regularly. However, the exchanges would be required to keep that data and make it available at all times. <\/p>\n<p>The Treasury deviated from some of its international counterparts and decided not to ban algorithmic stablecoins. It will instead qualify them as \u201cunbacked crypto assets,\u201d not as \u201cstablecoins.\u201d Nevertheless, the crypto promotions would have to exclude the term \u201cstable\u201d from marketing the algorithmic coins. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto scammers abuse \u2018lax\u2019 UK company laws to fool victims<\/em><\/strong><\/p>\n<p>The separate regulatory regime for crypto lending platforms would be considered and according to the consultation paper, should make lenders take into account an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate collateral valuation and the contingency plans for the failure of participants\u2019 largest market counterparties. <\/p>\n<p>The first reactions to the consultation paper were optimistic. Binance spared no time in\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1620712031635787776\"><\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1620712031635787776\">welcoming<\/a>\u00a0the paper. Speaking to Cointelegraph, Ripple\u2019s\u00a0policy director EMEA, Andrew Whitworth, called it \u201ca big step\u201d:<\/p>\n<blockquote><p>\u201cFrom today, the government should encourage further collaboration with the private sector to devise a comprehensive, risk-based framework, which aligns with international best practice.\u201d<\/p><\/blockquote>\n<p>Nick Taylor, head of public policy for the EMEA at the global cryptocurrency exchange, Luno, considers this a pivotal moment for the industry. He commented:\u00a0<\/p>\n<blockquote><p>\u201cWhilst there is still a way to go before new rules come into force, we\u2019re encouraged by the scale of the Government\u2019s ambition.\u201c<\/p><\/blockquote>\n<p>The consultation will close on April 30, 2023. Until then, the British government welcomes responses from all stakeholders, including crypto firms, financial institutions, trade associations, representative bodies, academics, legal firms and consumer groups.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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 News 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-publishes-crypto-framework-paper-here-s-what-s-inside\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; UK Treasury publishes crypto framework paper: Here\u2019s what\u2019s inside &#8220; His Majesty\u2019s Treasury published a long-anticipated consultation paper for the United Kingdom\u2019s upcoming crypto regulation. The extensive 80-page document covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens (NFTs) and initial coin offerings (ICOs).\u00a0 As stated by the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":546358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/ca0f5d01-dd91-4c0a-9a01-bf6d193082d6.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75036,75493,74355,70934,4966],"class_list":["post-546357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ico","tag-stablecoin","tag-adoption","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/546357","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=546357"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/546357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/546358"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=546357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=546357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=546357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}