The UK has formally announced its plans to regulate the cryptocurrency industry, with the government looking to rein in some of the reckless business practices that characterise the "turbulent industry".
The government has therefore proposed a number of measures aimed at bringing regulation of crypto asset businesses in line with that of traditional financial firms.
The Treasury says that will allow crypto to benefit from the "confidence, credibility and regulatory clarity" of the existing system for financial services, as set out in the UK's Financial Services and Markets Act 2000 (FSMA).
In doing so, the government aims to create a “robust approach” that will mitigate “the most significant risks”, but also allow the UK to tap into the advantages of crypto technologies.
The move comes after a series of high-profile global failures have rocked the relatively new, burgeoning sector, leading to assets collapsing in value by...