UK confirms plans to regulate crypto industry with formal legislation

The U.K. government published its response to a consultation paper issued earlier this year, which outlined recommendations on how the crypto industry should be regulated.

The government aims to introduce laws for the crypto industry before Parliament by 2024, according to the paper. In the Monday paper, the government said it intends to bring a number of cryptoasset activities under the same regulations that govern banks and other financial services firms. "I look forward to our continued work with the sector in making our vision a reality for the UK as a global hub for cryptoasset technology."

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