Popular crypto exchange Binance has commended the UK’s plan to launch a consultation for a regulatory framework for cryptocurrency to encourage adoption in the United Kingdom.
The UK’s Treasury shared a report in which it showcased the future regime overseeing financial services, including crypto assets. On the 1st of February, Binance took to Twitter to commend the initiative and the UK government’s plans.
According to the report, the UK’s financial services for cryptocurrency, including BTC, has various proposals. HM Treasury also emphasised the risks and chances that come with crypto. The latest report follows previous proposals from the UK-based Treasury. Previously, HM Treasury mainly focused on what role is played by stablecoins in the crypto space and how to promote virtual assets.
According to the UK government, the proposals at hand represent the first step in the phased approach the UK has taken for crypto. The country wishes to become a leader in virtual assets innovation and technology. By introducing proper regulations, the UK hopes that providers will be able to run their operations with certainty and also find better positions to secure consumers and stabilize risks. According to the report, the consultation will end on the 23rd of April 2023.
