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The British Finance Ministry proposes regulations for cryptoassets

The collapse of the exchange FTX and ongoing market volatility, according to the British finance ministry, have highlighted risks that require attention. On Wednesday, the ministry released a draught set of regulations to govern cryptoassets.


Globally, there is little direct regulation of cryptoassets like bitcoin, but after the collapse of FTX last year, which left millions of investors with losses totaling billions of dollars, including some in Britain, regulators are paying closer attention.


Financial Services Minister Andrew Griffith stated in proposals made available for public comment: ‘Our view is that this reinforces the case for clear, effective, timely regulation and proactive engagement with industry.’


Griffith continued, ‘This includes a proposal to include other core activities like custody and lending, as well as centralised cryptoasset exchanges, under financial services regulation for the first time.’


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