The Treasury of Great Britain is going to tighten the turnover of stelkopins in the country. New legislation will not affect cryptocurrency, since they are still considered a risky asset that the limited number of citizens enjoy.
Breaks without security will be prohibited
The Government of Great Britain has published a consulting document on 46 pages, setting out the concept of regulating digital assets in the country. The authorities intend to take the turnover of stelkopins under control, fearing that this rapidly developing segment will compete with the traditional financial system.
The authors of the document recognize that the stelkins are popular among users, and to prohibit their turnover will be problematic. Given the fact that coins are actively used to make payments, the authorities see them in them the risk of financial stability.
According to the Minister of Finance, John Glen, the United Kingdom wants to retain the status of a leader in financial innovation, but to ensure a safe and reliable environment.
According to the consulting document, the Government of Great Britain will establish a tough supervision of both the issuers of stelkopins and for firms providing related services. Stable coins without collateral in fate currency will be prohibited.
This decision is made due to the fact that the turnover of stelkopins and their use carry certain risks for the users themselves. These include high fees, complexity, illegal use of personal consumers, cyber attacks and unscrupulous administration.
In addition, the government intends to create "the same rules of the game" for issuers of stelkopinov. In other words, the activities of the issuer of a stable coin will be resolved until it threatens the country's financial system. This document item belongs to the DIEM stelkopin, which is directly indicated in the text, as well as to other global stelkins such as USDT.
The consultation period will last until March 21, 2021.
Bitcoin and other cryptoacivals will remain outlawed
New regulation rules will affect exclusively stelkopins. At the same time, Bitcoin and other cryptocurrencies will remain "perimeter" of the law. Nevertheless, the government wants to strengthen the regulation of interaction with consumers and the fight against money laundering (AML).
According to the latest study of the UK Financial Supervision Management (FCA), the main purpose of cryptoacivis is speculative investment, and consumers are aware of the risks associated with it. During the survey, 47% of respondents said that for them the purchase of cryptocurrencies like "a gambling game in which you can win or lose money", and 89% appreciated the absence of regulatory protection.
Meanwhile, US institutional investors are increasingly interested in Bitcoin. The head of the investment company GRAYSCALE INVESTMENTS Michael Sonnenshain argues that not only hedge funds come to the market, but other institutional, including pension funds.
The POST Britain will start adjusting the turnover of the UPEARED First On Beincrypto.