Informed sources: The UK is finalizing a regulatory plan for the cryptocurrency industry, including restrictions on advertising and foreign crypto companies

ChianCatcher news, according to sources cited by the Financial Times, the UK Treasury is finalizing plans for a comprehensive set of rules to regulate the cryptocurrency industry, including restrictions on foreign companies selling products in the UK, how to handle company bankruptcies, and limitations on product advertising. Ministers will soon begin consultations on the new regulatory framework, following the collapse of FTX, which has injected new urgency into the government's commitment to reforming the financial sector.

A Treasury spokesperson stated that the UK is committed to creating a regulatory environment where businesses can innovate while crucially maintaining financial stability and regulatory standards, so that people and businesses can reliably and safely use new technologies. The government has already taken steps to bring certain cryptocurrency activities under UK regulation and will consult on proposals for a broader regulatory framework. Some insiders believe that due to the "rapidly changing" nature of the crypto industry, the timeline for starting consultations may be pushed back to early 2023.

A cross-party Treasury select committee is investigating the impact of cryptocurrency in the UK. On Wednesday, it will question experts from the FCA and the Bank of England on the risks, regulatory cases, and the pros and cons of central bank-issued cryptocurrencies (known as CBDCs). The committee will also hear from an investigative journalist to understand how many football fans have suffered losses due to crypto tokens endorsed by well-known players and clubs. (source link)