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The UK government is fastening its seatbelt so that the cryptocurrency industry is subject to financial services regulation.
The Treasury said late Tuesday that it would submit a series of proposals to "regulate a broad set of crypto-asset activities, consistent with its approach to traditional finance."
The move follows a turbulent year in the crypto space where multi-billion dollar funds stalled and the value of the largest 500 crypto tokens tanked by ~$1.7T.
Note that last year Rishi Sunak, then Chancellor of the Exchequer, said he wanted to make the UK "a global hub for crypto-asset technology."
The UK Treasury will seek rules for businesses that facilitate crypto transactions and protect customer assets, as well as stronger transparency requirements.
