The British government is creating new rules to control the crypto industry. They are asking people in the business and experts to give their opinions on these rules so they can be improved.
The rules are meant to protect consumers while also making the U.K. a great place for crypto businesses to operate. Some of the rules will make trading places, like crypto exchanges, have more responsibility for making sure everything is fair and safe for customers.
The new rules will also target middlemen like custodians and will make rules about lending crypto assets. The government is asking for feedback on plans to prevent market abuse, which is when people try to cheat the system.
They want to make sure the crypto industry is fair, transparent, and protects consumers. The U.K. is trying to make rules like the European Union, which is also creating new rules for crypto.
The British government is also making a Financial Services and Markets Bill, which will give regulators more power over the crypto industry. The bill is being discussed in Parliament and is expected to be finished in April.
The crypto industry has been waiting for clear rules, and the government said that they will allow crypto businesses that follow anti-money laundering rules to promote their businesses while they wait for more rules.
The government will listen to feedback on these rules until April 30th and then make a decision on what to do next.
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