The UK has recently become the newest country to start taking its crypto regulation seriously. As it becomes the newest country to become more popular among crypto users. In recent years, more and more citizens throughout the country have shown an interest in the crypto market.
According to the newest chainalysis report, the UK has become the 17th most popular city in terms of crypto adoption. Furthermore, it was also the country with the largest volume of crypto transactions in all of Europe. With their total transactions in a year reaching a staggering $233 billion, it would also become the sixth largest country in the world in terms of crypto transactions alone.
Therefore, with it becoming increasingly obvious that crypto is to play a major part in the lives of many UK citizens, the UK Government has decided to take immediate action. More specifically, they are looking to restrict the access that many companies have to advertise, and how it is hurting most investors who have just gotten into the market.
Taking Necessary Action
Recently at a conference in Singapore, a member of the country’s government came to give a short speech. Apparently, a lot of the incredible growth that the crypto market in Singapore was experiencing was a result of exploiting the many people who had no idea how the market worked.
The disingenuous marketing campaigns that they had adopted were making it even more difficult for these investors to escape the alluring sight of the crypto market. All of these firms were making very big promises to many customers about the crypto market without explaining the many risks that come with it as well.
A lot of that disingenuous marketing has managed to make it all the way to the UK.
Introducing New Amendments
The UK government has announced brand new regulations for the crypto market, which will bring down some of the extreme behavior that has persisted throughout the market.
Andrew Griffith, Financial Services and City Minister made various amendments to his own bill that welcomed a lot of the cryptocurrencies, as well as the many stablecoins. Griffith would also put an explanatory note where he explains that the amendments are to clarify that the powers responsible for regulating the market are also capable of working with various other companies to introduce better regulation.
Something Resembling MiCA
Many of the people who were looking forward to the amendments that the UK was bringing were hoping to see something similar to the MiCA that European Union had recently released. Not only did it manage to reign in many companies that were getting out of hand, it was also able to introduce new provisions that would protect all of its citizens.