UK sets out plans to regulate crypto and protect consumers

• Once they have approval from one local authority and are in accordance with the EU regulations, they can operate anywhere in the EU.
• Existing forfeiture powers are currently limited to cash and listed assets.
• As for crypto trading platforms, the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada require that crypto trading platforms and dealers in the country register with provincial regulators.
• So far, neither the UK government nor the EU member states have signaled for one solution over the other — CBDCs over bitcoin.
• Cryptocurrencies and traditional currencies can be exchanged without VAT, as a rule.

While cryptocurrency has existed since 2009, governments and regulators are still working out ways to govern its uses. Consumers and businesses must be protected from fraudulent activity, and preventative measures must be implemented to fight illicit crypto uses. Many countries are progressing, but it is a slow and controversial process. India remains on the fence regarding crypto regulation, neither legalizing nor penalizing its use.

Cryptocurrency: UK Treasury to regulate some stablecoins

The FCA has said that both exchange and utility tokens are currently outside of its regulatory perimeter. Most of the founders of cryptocurrencies are based around the world and outside https://xcritical.com/blog/cryptocurrency-regulation-in-the-uk/ of the UK, this makes it even harder to regulate cryptocurrencies. So if you invest in a cryptocurrency or token that subsequently closes, you may never see your money again.

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