The U.K., which left the European Union in 2020 in the infamous “Brexit,” can't go on its crypto regulation journey alone without global collaboration,When constructing a market abuse regime, the U.K.
CryptoUK is also calling for the country to align with global regulators over disclosure requirements for crypto companies. “It would make sense for the regulatory regime to harmonize [with global regulators], to the extent reasonably possible, to allow as seamless cross-jurisdictional operation as possible,” Tordera said.In its response to the government’s proposals, AFME also warned that the U.K.’s planned crypto authorization regime could damage its reputation as an open market by making it difficult for foreign firms to access it.
The AFME doesn’t recommend this approach and says it steers too far from how the U.K. usually regulates financial institutions.called for overseas companies to be exempt from local authorization, and for the government to stick to regulating companies based in the U.K. The licensing regime should come with a transition period that allows crypto companies to continue operating while they go through the authorization process, AFME and Taylor suggested.
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