U.K. Details Plan To Regulate Bitcoin — Bitcoin Magazine

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The Unit­ed King­dom has released its plans to reg­u­late the cryp­tocur­ren­cy indus­try with­in the country.

The announce­ment high­lights that “high lev­els of volatil­i­ty and a num­ber of recent fail­ures have exposed the struc­tur­al vul­ner­a­bil­i­ty of some busi­ness mod­els in the sec­tor,” amongst oth­er rea­sons, have led to the new set of reg­u­la­to­ry guidelines.

Specif­i­cal­ly focus­ing on trad­ing and lend­ing, the report describes how the Unit­ed Kingdom’s gov­ern­ment “will seek to reg­u­late a broad suite of cryp­toas­set activ­i­ties, con­sis­tent with its approach to tra­di­tion­al finance.” It details how pro­pos­als will place respon­si­bil­i­ty on the cryp­tocur­ren­cy exchanges and firms to define detailed con­tent require­ments for dis­clo­sure doc­u­ments, ensur­ing “fair” stan­dards. In order to ensure the safe­ty of cus­tomer funds, the con­sul­ta­tion will seek to cre­ate a frame­work with clear guide­lines for respon­si­ble practices.

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