The Treasury also gave crypto companies a time limited exemption to approve their own crypto promotions until more regulation comes.February 1, 2023 by Camomile ShumbaThe U.K.’s finance ministry is proposing new rules to govern multiple areas of the crypto sector and wants stakeholders to weigh in.The hotly anticipated consultation, to be published by His Majesty’s Treasury on Wednesday, asks for feedback from industry members and experts on rules that focus on protecting consumers that also align with the country’s ambition to become a hub for crypto.Some proposals will place more responsibility on trading venues, such as crypto exchanges, to define and detail requirements for admission and disclosure documents, the Treasury said in a statement to the press.Regulators around the world are calling for more rules for the crypto industry in the aftermath of the collapse of crypto exchange FTX and stablecoin issuer Terra that sent ripples through the industry.The local crypto industry has been hoping for some clarity on how to operate in the interim. The industry raised concerns about how it should be handling crypto promotions and advertising – something the upcoming rules indicated was not allowed without approval.In Tuesday’s announcement, the Treasury said that it is introducing a “time limited exemption” that will enable crypto asset businesses that are registered with the U.K.’s financial regulator under its anti-money laundering regime to issue their own promotions while the industry awaits more rules.The consultation will be open till April 30 after which the government will consider the feedback and work on its response.
This article was originally published by Coindesk