Bitcoin Drop Relieves Pressure to Take Action on UK Regulators

Bitcoin’s recent decline had reportedly relieved UK’s financial regulators who were being pressured to take drastic action and issue tough new rules.

 

At a recent conference, deputy director for financial services at Britain’s finance ministry Gillian Dorner said that they were focused on how 2,000 or more crypto assets slot into existing rules before considering reforms, and they needed more time to take an in-depth look to make sure that the proportionate approach is taken.

 

Meanwhile, executive director for strategy and competition at the Financial Conduct Authority Christopher Woolard said that the “grey edges” around the existing regulatory perimeter need to be clarified, and they will be consulting where the perimeter lies for crypto assets by the end of the year.

 

 

Source: Reuters