The British Ministry of Finance is going to exclude blockchain and DLT from the law on cryptocurrencies – Bits Media

The treasury of Her Majesty (HMT) proposes to prescribe in the legislation a set of individual rules for regulating each specific case of dfi.

HMT in the January report on the state of crypto -novel states, that most modern cryptocurrency projects are used as a basic distributed registry technology (DLT) or blockchain. but, count in the British Ministry of Finance, It can change over time, So now it's time to apply the terms, "Focusing on the future of the crypto industry":

“Most crypto activists are currently using DLT. Probably, This will change as technology and industry develops. Therefore, the government proposes to remove the link to DLT from the definition of qualified crypto acts ".

The authorities of Great Britain strive to actively regulate the cryptocurrency market and periodically act with initiatives. The new set of HMT proposals is aimed at including each specific case of Defi in the scope of the legislation to regulate cryptocurrencies.

Deputy Manager of England John Canliff (John Cunliffe) in October 2021 declared years, that Defi represents huge risks for users, Since when receiving financial services from such projects, investors do not guarantee protection. Canliff said, that the Bank of England has already begun to think over the strategy to reduce such risks and called on other regulators to do the same.

Head of the Innovation Center of the Bank of International Settlements Benois Kero (Benoît Cœuré) announced the need to develop the rules of regulation of the Defi industry, which must act in all British jurisdictions. At the end 2021 year chairman of the US Securities and Exchange Commission (SEC) Gary Gensler (Gary Gensler) warned, that Defi leaves the markets open for manipulations and this makes investors vulnerable. therefore, If the regulators do not solve transparency problems, In his opinion, Many investors will suffer.