The UK government has provided a detailed response to its consultation on proposals for crypto asset regulation.
The UK government provided a detailed response to its consultation for crypto asset regulation, publishing on Monday final proposals that were informed by companies, experts and market events, "including the failure of FTX."
The document described how firms undertaking crypto asset activities will now have to be authorized by the UK's Financial Conduct Authority. The authorization will include a stipulation for crypto exchanges to create detailed requirements for admission standards and mandate disclosures when listing new assets.The final proposals did not cover the regulation of decentralized finance, and the report said that DeFi regulation would not be attempted in this phase of development.
The rules laid out in the final proposals document will be brought under existing UK market law, rather than exist as a standalone regulatory regime. "The consultation has proposed to apply and adapt existing frameworks for traditional finance custodians," the document added.
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