The UK Treasury’s initial plans for regulation of cryptocurrency, while a welcome step, is unlikely to spur immediate interest from the asset and wealth management industry, much of which is still eyeing the burgeoning asset with caution.
Yesterday (1 February) the UK government unveiled long-awaited plans on a regulatory regime for cryptocurrency. In its notice, the government outlined plans for crypto platforms to take on responsibility for facilitating transitions safely and keeping customers' assets secure. However, the Treasury backtracked on a previous pledge to align the regulation of crypto promotions with standards applied to stocks, shares and insurance products. Many experts applauded the initial steps taken by the government and noted it was positive that consumer protection was at their heart. Intera...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes