proposed some rules of the road that were broadly welcomed by the industry – but now lobbyists are more concerned.
Adam Jackson, director of policy at Innovate Finance, said that the Treasury's approach guarantees quality and consistency with other jurisdictions – with the EU recently legislating a“Financial services are rigorously regulated in the U.K., and the application and adaptation of these existing rules to crypto assets will therefore provide for a high level of protection,” including protection of vulnerable consumers, Jackson said.
The committee’s plans veer from the finance-based approach the U.K. has taken so far. The country’s crypto anti-money laundering regime is already run by the Financial Conduct Authority, which is also responsible for regulating traditional services like consumer credit and payments. Extra proposed powers to regulate crypto are contained in its
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