UK Mint was ordered to issue an NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. now that the government has broad plans to regulate the sector and become a crypto hub.
The UK government has announced plans to issue its own token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. (NFT) in the midst of a new strategy that seeks to position the country as a technological center friendly to cryptocurrencies.
According to several news outlets, UK Chancellor Rishi Sunak announced plans on Monday to push for broader regulation of the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. sector. According toThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.The Treasury said in a statement that appropriate regulation could attract businesses in the crypto industry, while encouraging greater adoption of the new asset class.
We want to see the businesses of tomorrow, and the jobs they create, here in the UK, and by regulating effectively we can give them the confidence they need to think and invest investing is when you put money in a financial scheme with the intent of making a gain. for the long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. term.
Sunak also asked Royal Mint the entity responsible for minting coins for the country, the issuance and launching of a NFT . Así lo dio a conocer el ministro y secretario económico del Tesoro, John Glen, durante en la Cumbre Global Innovate Finance. “ More details will be available soon ”, agregó Glenn, según citó CNBC .
UK wants to become a crypto hub
The UK government’s plans appear to be part of a wider strategy to “ leading the way”. in cryptospace. In its speech Glen released the government’s vision for digital assets including the stablecoins , and distributed records technologies as part of its strategy for the UK financial services industry.
“We have a detailed plan and are determined to learn quickly. The government will lead the way to harness the potential of blockchain and support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the development of a better cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ecosystem in the world. “ he commented the politician. “ Our view is that cryptocurrencies are going to have an impact on many different sectors, including financial services.” he added.
Change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. is going to be dynamic… which means that the way we regulate cryptotechnologies must also be dynamic. Just as it should be for other financial activities and products.
Glen emphasized in this vein that regulation should not be thought of as a static framework. Instead, he said that it will look more like a “static framework. code the action of coding is to write programming statements for a program. “regulatory; “ like computer code, which we refine and rewrite when we need it. “. He also stressed that the government isobservando de cerca la evolución de Web3a concept that refers to a decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. version of the Internet.
“ No one knows for sure what Web3 will look like. But there’s a good chance that blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. will be an integral part of its development. “, said the minister. “ We want this country to be there, leading from the front, looking for the greatest economic opportunities. ”.
A form of CNBC addressed some of the steps that the UK’s new crypto-regulation proposal could take; among them he highlights:
- Incorporate certain stable currencies into the UK payments framework so that issuers of stable currencies and service providers can “make payments” in the UK. operate and grow in the UK ”.
- Consult on a “world leading regime” to regulate the trading of other cryptocurrencies, including Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. .
- Request the Law Commission to consider the legal status of Blockchain-based communities known as decentralized autonomous organizations (DAOs).
- Examine the tax treatment of decentralized finance lending (DeFi) and “staking,” which gives cryptocurrency users the ability to earn interest on their savings.
- Establish a cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. engagement group to be chaired by ministers and host members from UK regulators and crypto firms.
- Explore the application of technology Blockchain in the issuance of debt instruments.
Mixed signals: What is the position?
The news comes amid some mixed messages and confusion about the country’s stance on the burgeoning local digital asset sector. Cryptocurrency firms operating in the UK have been awaiting verdicts from the financial regulator on anti-money laundering licensing, a process led by the Financial Conduct Authority (FCA).
In the midst of regulatory uncertainty, the FCA has issued a call to invite industry stakeholders and leaders to participate in a May 10-11 event aimed at helping it shape regulatory policy.The Block he said.
On the other hand, the authorities have imposed increasingly strict regulations for advertisements related to digital assets. Two weeks ago, the The country’s Advertising Standards Authority (ASA) advised fifty firms to review their advertisements. cryptocurrency exchanges to ensure that they do not violate local rules.
In related news, the Governor of the Bank of England, Andrew Bailey, took advantage of his appearance at the conference ” Stop Scams ” this Monday to express his concerns about cryptocurrencies. As reported by Bloomberg In his speech, Bailey said that most of today’s hacking hacking is the process of using a computer to manipulate another computer or computer system in an unauthorized fashion. attacks demand ransom in digital currencies, an argument with which he emphasized the criminal use that can be made of such assets.
- Financial authority bans crypto ATMs from operating within the UK
- UK’s National Crime Agency calls for regulation of cryptocurrency mixing technology
- UK updates its tax policies on DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. and staking participation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. loans
Article by Hannah Estefania Perez / DiarioBitcoin
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