Crypto regulations slowly becoming a reality for UK & USA

January 12, 2022

According to Business Insider reports, the US and UK are almost close to having clear crypto regulations. While the US is at the state level; the UK is at the national level.

In the UK, lawmakers who are also part of a bipartisan group, have formed Crypto and Digital Assets Group. This will help in drafting regulation for the digital asset industry.

This new group is also backed by CryptoUK, the digital asset trade association. The pressure to come up with clear regulations on the authorities are high as many executives at multinational companies want clarity on regulations before engaging in crypto and blockchain tech.

In the UK, MP Lisa Cameron, chair of the new Crypto and Digital Assets Group, says the framework must support “innovation and guarantee that the UK remains an attractive destination for innovative firms to set up and grow.”

In the USA, the New York State Department of Financial Services (NYSDFS) appointed a deputy superintendent of virtual currency.

In fact, New York New York state adopted regulations earlier than most: Since 2015, any person engaged in “virtual currency business activity” involving the state or its residents must obtain a BitLicense.


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