The head of the UK Ministry of Technology and Digital Economy confirmed the intention of the government to turn the country into an international cryptocurrency center.
Christopher Philp in an interview with Bloomberg Radio
reportedthat it is worth considering the potential use of digital assets for criminal purposes. To protect investors, lawmakers, according to the minister, should pay special attention to issues related to money laundering through cryptocurrencies and circumventing sanctions using digital assets.
The minister mentioned the decline in the cryptocurrency market, which is largely due to the fall of the stock market, rising inflation and interest rates in the United States. This week, the bitcoin rate was close to the $20,000 border, dropping the total cryptocurrency market capitalization below $1 trillion. The situation worries British regulators, Philp said. The official added that the Treasury is working closely with the Bank of England, the Financial Conduct Authority and the Prudential Regulatory Authority to create regulations to protect users.
The UK regulators impose quite severe restrictions on the cryptocurrency industry. At the beginning of the year, the Ministry of Finance proposed to ban uncontrolled advertising of cryptocurrencies, which, according to officials, misleads users. Last month, with the collapse of the Terra project, regulators began to develop measures to protect users in the event of another collapse of any stablecoins.
Source: Bits
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