CRYPTO REGULATIONS TO WATCH OUT FOR IN 2023

In the UK, financial regulation has long sought to protect consumers, foster innovation, and uphold the financial sector's stability.

The Financial Conduct Authority (FCA), which oversees the regulatory framework, started its sandbox program almost ten years ago to support fintech startups and promote experimentation in a monitored environment.

Recent anti-money laundering and anti-terrorist financing regulations have been made by the UK government applicable to cryptocurrency exchanges operating there.

Regulations pertaining to cryptocurrency and fintech should be anticipated in 2023.

Edinburgh Reforms.

The UK government is planning a significant revision of domestic banking laws.

According to reports, the "Edinburgh reforms" unveiled by Chancellor of the Exchequer Jeremy Hunt in December will give the nation a future "growth spurt.".

He referred to the package as the largest revision of banking laws in about 30 years. The Financial Services and Markets Act (FSM), which is the driving force behind the government's reform agenda, is built upon by the reforms.

The reforms are designed to capitalize on the robustness of the UK's financial services industry and, in Hunt's opinion, to take advantage of the chances presented by the nation's exit from the European Union in order to successfully adapt the rules to the needs of the country.

comprehensive regulatory framework for 2023.

Despite the fact that cryptocurrencies still represent a very small portion of the overall financial system, the UK government has prioritized them due to their explosive recent growth and the seemingly endless stream of scandals and frauds in the industry.

An amendment to the Financial Services and Markets Bill by MP Andrew Griffith and the Treasury Department has taken shape, according to Thomas Tudehope, the global head of public policy at cryptocurrency exchange Luno, who claimed in a November article for AltFi that this represents a "serious significant step" toward regulating cryptocurrencies.

According to Tudehope, this will almost certainly lead to the UK establishing a full "comprehensive regulatory regime" for cryptocurrencies in 2023.

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