The UK’s aim is to clear crypto regulations by the end of July, promising transparency for the crypto industry.
As per the statement of the UK’s economic secretary of treasury, Bim Afolami, their top priority is to enhance payment infrastructure by clarifying blockchain and digital assets.
The United Kingdom Treasury is planning to introduce a regulatory framework for digital assets and stablecoins by July. This step fosters innovation within the local digital assets and blockchain technology sectors.
During his address to the Innovate Finance Global Summit 2024 (IFGS), Bim Afolami revealed that the government is putting all its efforts into diversifying modes of payment until July.
Afolami explains the importance of crypto regulation and indicates it as a key factor in remaining globally competitive, and the UK government is also focusing on Fiat payment innovation.
“Speaking of true change, I know that the cornerstone of our position as a world leader in fintech is the delivery of our regulatory regime for crypto assets and stablecoins.”
Afolami announces, making a Finance Task Force during this conference.
“The task force will craft a clear set of recommendations, pinpointing the data sets of commercial incentives necessary to drive forward CFIT’s SME lending use case for open finance,” he claims.
After April 26, UK authorities can access digital assets held by exchanges and custodian wallet providers.
This law comes into effect immediately after making some amendments to the Economic Crime and Corporate Transparency Act 2023. This empowers the National Crime Agency (NCA) to hold or seize digital assets suspected of involvement in illegal activities and subject them to legal proceedings.
Source: Cointelegraph
Although it is not addressed, the best way to destroy a token is to send it to a burn wallet address and remove it from circulation.
