The U.K. government is finalizing plans to regulate the cryptocurrency sector, the Financial Times reports.
The U.K. government is expected to announce new rules regulating the sale and marketing of digital assets. The large-scale regulations on the country’s crypto industry will include:
- restrictions on selling cryptocurrencies to foreign companies in the U.K;
- regulations on how to proceed in the event of companies collapsing;
- limitations on product advertising.
The proposed oversight tools will be added to a piece of legislation that is already before Parliament. The Financial Services and Markets Bill is designed to shape the U.K. financial sector post-Brexit and includes parts fixing the legislative status of stablecoins and crypto-assets.
By the way, you can find out more about how the country views cryptocurrencies and what is expected from the new Prime Minister on crypto regulation in the article by our British columnist Toby Raynsford.
