Binance, Circle chime in on UK's proposed crypto regulatory framework
Circle, meanwhile, said it agreed with the UK government's objectives"to bring cryptoassets into the UK regulatory perimeter and create proportionate and agile rules so that digital asset firms can thrive and provide innovative and cost-reducing financial services to the UK market."
The company, which manages the USDC stablecoin, said the country should make the registration process for digital asset firms"simple and transparent, with clear indicative timelines and feedback from supervisors on what constitutes good or bad practices." "Circle urged HM Treasury to swiftly disclose its plans for the regulation of fiat-backed payment stablecoins,"."Circle requested additional clarity on the distinction between what constitutes ‘cryptoasset’ activity versus activity related to payment stablecoins involved in payment service provision."
The UK's consultation process comes as companies have been accusing the primary regulator on the other side of the Atlantic, the U.S. Securities and Exchange Commission, ofA16z crypto, the venture capital fund, said yesterday that it'sto the pending legislation and said"a 'one-size-fits-all' approach to the regulation of cryptoasset transactions would not be consistent with the Treasury’s core design principle of 'same risk, same regulatory outcome.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Expert Tips For Resolving Common Transaction Mistakes On Binance P2P | Binance BlogWhether you're a beginner or an experienced Binance P2P trader, mistakes can still happen, and there are two common ones that we often see users make. Find out what they are and how to become an expert at resolving them in the blog below.
Read more »
Binance Convert Adds EDU | Binance SupportFellow Binancians, Binance is excited to announce that EDU has been added to Binance Convert . Users can now trade EDU against BTC, USDT and any other tokens supported by Binance Convert at zero fe...
Read more »
How to Protect Your Crypto From SMS Spoofing Attacks | Binance BlogDon't be a victim of SMS spoofing attacks. Discover vital tips on securing your crypto in our latest Binance blog. Stay SAFU.
Read more »
Coinbase launches international perps exchange — starting with 5x leverageCrypto exchange Coinbase is officially entering the crypto perps market.
Read more »
ByBit joins crypto exchanges offering crypto lending servicesCryptocurrency exchange ByBit launches lending service to offer interest payouts to depositors and increased loan facilities to traders on its platform.
Read more »