Britain Plans to regulate crypto industry 

Britain Plans to regulate crypto industry - Check out the story here

The U.K. laid out plan to regulate the cryptocurrency industry.

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The proposals include strengthening rules on crypto lending, a controversial practice that contributed to the demise of FTX.

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[{"selector":"#anim-91c43460-c2ce-4739-85ef-eb1b724f599a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.813401331952118%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Prime Minister Rishi Sunak is viewed by industry backers as a crypto-friendly leader. Arrow

[{"selector":"#anim-f244db02-a4e4-4915-9308-7931d71e1947 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Among the proposals unveiled Tuesday was a move that would strengthen rules targeting financial intermediaries and custodians that store crypto on behalf of clients. Arrow

[{"selector":"#anim-f01010f2-fe42-4677-bffd-26a50e11e732 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.25206168522658%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] A big theme that emerged in 2022 was the rise of risky loans made between multiple crypto firms and a lack of due diligence done on the counterparties involved in those transactions. Arrow

The collapse of FTX has added urgency to global regulators’ attempts to govern the regulation-averse crypto space.

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