Partner Kate Gee comments on UK government response to consultation on crypto regulation

By Kate Gee

Partner Kate Gee comments on crypto regulation in the UK in light of the government’s response to a recent consultation on the future financial services regulatory regime, in CDR News.

Kate’s comments were published in CDR, 1 November 2023, and can be found here.

Following the consultation on the future financial services regulatory regime for cryptoassets, the government has released a final response that highlights public support for the proposed plans to bring crypto under the purview of the Financial Conduct Authority.

Kate commented:

“2023 will be seen as an important year for crypto regulation – with significant progress towards consistent and effective standards at the EU and international level to regulate the wider cryptoasset ecosystem. HM Treasury’s response to the consultation and call for evidence on the future financial services regulatory regime for cryptoassets marks a significant step in this journey. The response shows that the UK remains committed to establishing a regulatory environment which enables innovation and the development of new technology and products in the crypto sector, while also managing the potential risks to consumers and investors.

With the digital asset space forecast to grow to trillions of dollars of assets, it is not surprising that the sector remains a key priority for the UK government. However, the government will need to act quickly and maintain momentum throughout the legislative process in order to convert their vision into a reality that really does position the UK as a global hub for cryptoasset technology.”

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