E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»UK Government Pushes the Nation to Be a Global Crypto Hub, Says Digital Minister
Crypto

UK Government Pushes the Nation to Be a Global Crypto Hub, Says Digital Minister

By June 16, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

Chris Philp –  digital minister of the United Kingdom – revealed that the Johnson administration plans to turn the country into a “global crypto hub” while reiterating a cautious stance regarding the potential crimes within the digital asset space.

  • In a radio interview with Bloomberg on Wednesday, the minister stated that the government would push to develop the country and London into crypto centers. It came after the UK treasury touted such a strategy in April, as the crypto industry had sparred with the nation’s regulators that imposed overarching oversights on the sector.
  • Philp’s latest response came as a relative relief to the industry. However, he insisted that cooperating with regulatory authorities such as the Financial Conduct Authority (FCA) and the Bank of England is necessary for ensuring that “balance is struck in the right way.”
  • FCA is notorious for its unfriendly stance on digital assets. Its controversial ban on retail investors trading crypto derivatives in 2020 cited that they tended to have inadequate knowledge of futures, options, and others which could lead to a great loss on their own costs. Nonetheless, a survey later suggested that 97% of all participants disagreed with such a ban.
  • Earlier this year, the watchdog said it was prepared to strengthen rules on cryptocurrencies, limiting individuals from accessing the digital assets market. The authority views bitcoin and other cryptocurrencies as a novel risk of harm to consumers.
  • Philp also stressed the importance of having a set of frameworks in place to tackle crimes such as money laundering and using crypto to circumvent sanctions.

“We’ve got to do that in a way that protects the public and in particular pays attention to issues concerning for example money laundering, and making sure that crypto is not used as a way to circumvent things like sanctions.”

  • To addresses crimes and scams in the crypto space, prime minister Boris Johnson reportedly was set to introduce a bill that enables law enforcement agents to confiscate and recover such assets “more quickly and easily” in case they are employed in criminal activities.
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.