“We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes crypto asset technology,” Andrew Griffith, economic secretary to the Treasury, said in a press release. “But we must also protect consumers who are embracing this new technology - ensuring robust, transparent, and fair standards.”
Meanwhile, the U.K. is trying to catch up with the European Union, which is in the last stages of approving its landmarkThe U.K.'s wide-ranging, which could give crypto regulators more powers of oversight, is being debated in Parliament and is expected to be finalized by April. The local crypto industry has been hoping for some clarity on how to operate in the interim. The industry raised concerns about how it should be handling crypto promotions and advertising – something the upcoming rules indicated was not allowed without approval.
In Tuesday’s announcement, the Treasury said that it is introducing a “time limited exemption” that will enable crypto asset businesses that are registered with the U.K.'s financial regulator under its anti-money laundering regime to issue their own promotions while the industry awaits more rules. The consultation will be open till April 30 after which the government will consider the feedback and work on its response.
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