Bloomberg: UK Government to Unveil Cryptocurrency Industry Regulation Plan This Month

BlockBeats News, November 14th, according to Bloomberg, the UK government will announce this month its plan to regulate the cryptocurrency industry, aiming to counter the attractiveness of the US-led by Donald Trump to the cryptocurrency industry and reassure businesses about the prospects in the UK.

Sources familiar with the matter said that the UK Treasury plans to introduce two pieces of legislation regarding stablecoins, as well as to request cryptocurrency providers to exclude so-called custodial wallet services from the current financial regulation under an exemption clause.

After Trump's election victory, the cryptocurrency industry celebrated this win, leading to a surge in asset prices, including Bitcoin. The UK has decided to advance cryptocurrency regulation. For the UK, the risk is that startups may choose other jurisdictions, such as the US, where the rules are clearer or more favorable.