a16z Policy Chief: The UK Government Has a Clear Interest in Embracing Blockchain and Crypto Innovation

2023-10-31 13:16:20

Collection

ChainCatcher news, a16z policy chief Brian Quintenz posted on social media that the UK Treasury has issued a conclusive statement regarding the regulatory framework for crypto assets, which is exciting. Andrew Griffith MP, the Economic Secretary to the Treasury, has made it very clear that the government is keen on embracing blockchain and crypto innovation, and its ambition to make the UK a global hub for crypto asset technology remains steadfast. Now, with the future regulatory framework taking shape and the passage of the Financial Services and Markets Bill, the UK will begin and expand its crypto asset business.

Specifically, the summary of the UK Treasury's response is as follows:

Temporarily excluding airdrops from the scope of token issuance regulation, considering them not to constitute a public offering.
Clearly stating that NFTs are not within the regulatory scope, specifically citing in-game purchases and sales of digital items as examples of non-financial services activities.
Reiterating a cautious approach to DeFi and formally acknowledging that as the crypto asset industry grows and financial markets continue to adopt blockchain-based solutions, DeFi may play an important role in financial services. Therefore, in line with the government's forward-looking approach to innovation, it does not intend to ban DeFi.
Strongly opposing the characterization of crypto trading as gambling or directly banning crypto trading, arguing that these approaches deviate from international regulatory workflows and harm crypto-based innovation.
More detailed information regarding the concept of decentralization is still needed to ensure that regulators fully recognize the core advantages of the technology and protect customers from the traditional risks of centralization. We remain optimistic about HMT or regulators further exploring and emphasizing this issue.

The UK is making great strides to establish itself as a global Web3 hub.

(Source Link)

Related tags

a16z the British government

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.