UK's Prudential Regulatory Authority (PRA) to propose rules for issuance and holding of digital assets.
The proposal will be developed in accordance with the Basel III rules and the Financial Services and Markets (FSM) bill.
Vicky Saporta, executive director of the Prudential Policy Directorate at the Bank of England, emphasized that the PRA's goal is to develop a regulatory framework that is proportionate to the risks associated with digital assets while remaining flexible enough to adapt to the rapidly changing market.
The rules will provide greater clarity and certainty for financial institutions operating in the UK, and the UK government has been taking steps to enhance its regulatory framework for digital assets.
The Financial Conduct Authority (FCA) has implemented a registration scheme for cryptocurrency firms operating in the country, and is considering additional measures to enhance investor protection and market integrity.
The UK's approach to regulating digital assets is reflective of a broader global trend towards greater regulatory oversight, with the aim of promoting investor protection and financial stability while supporting innovation and growth in the sector.
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UK, PRA, Crypto regulation
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#shorts #bitcoin #crypto #ethereum #cryptocurrency #altcoins #eth #cryptonews #ethereum #btc #cryptoregulation #pra #unitedkingdom
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