Bittrex Global CEO Supports UK Treasury’s Crypto Regulation Proposals
Bittrex Global CEO Oliver Linch has expressed support for the UK Treasury’s crypto asset regulation proposals. Linch believes that these proposals are a positive step towards making the UK a hub for digital assets. The UK government aims to include various crypto asset activities within existing financial services laws, responding to the consultation on a regulatory regime for crypto assets.
Linch, who is also a former solicitor with expertise in regulatory policy, believes that the UK’s proposed approach is realistic and has many benefits. He welcomes the accelerated pace of implementing new rules, as it will provide much-needed clarity and consumer protections. Incorporating crypto within existing regulatory frameworks can also inspire confidence among market participants, especially large financial institutions.
‘Crypto Taking Its Rightful Place at the Adult’s Table’
Linch sees the inclusion of crypto in the UK’s general financial services legislative framework as a signal that the government recognizes its importance in the financial sector. This is an important first step towards crypto taking its rightful place alongside traditional financial assets.
UK Treasury’s Final Crypto Proposals
The UK Treasury has published its final proposals for crypto asset regulation. The move would require firms engaging with UK retail consumers to obtain authorization from the Financial Conduct Authority (FCA) and adhere to strict requirements. The proposals also exclude regulations for decentralized finance (DeFi) at this stage.
Hot Take: UK Poised to Become a Leading Crypto Hub
According to Linch, there is much to praise in the UK Treasury’s proposals, indicating that the country is setting itself up to become a sought-after crypto hub. With regulatory clarity and certainty, institutional investors and corporates will be encouraged to establish their operations in the UK.
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