In December, a U.K. minister suggested FTX's failure had reinforced the need for urgent crypto regulation. Now, the government has unveiled its plans.
The proposals unveiled Tuesday would also enforce tougher transparency requirements on crypto exchanges to ensure they publish relevant disclosure documents and set out clear admission requirements for trading digital tokens.Coinbase shares to get cut nearly in half as retail traders shun crypto, Mizuho predicts
The regulatory move comes as crypto firms in both the U.K. and beyond are feeling the chill of a deep downturn known as "crypto winter." Nonetheless, even the simple display of being seen as taking action is important, according to some industry executives. Sawyer, who formerly co-founded British fintech firm Starling and led international expansion for crypto exchange Gemini, said it was also important to ensure "general alignment between global markets in terms of the approach to digital assets."
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