ChainCatcher news, Cointelegraph stated on social media that the UK Treasury has revised financial laws to clarify that cryptocurrency staking required for POS (Proof-of-Stake) blockchains, such as Ethereum and Solana, does not fall under collective investment schemes and is therefore not subject to the usual strict regulations.

ChainCatcher news, according to Coindesk, the UK Treasury stated in a statement on Thursday that the UK government will launch a pilot program to issue digital government bond instruments similar to bonds using distributed ledger technology.The Treasury stated: "The government will launch a pilot program to provide digital government bond instruments using distributed ledger technology (DLT) to demonstrate the government's commitment to innovation in the financial services sector." DLT is the underlying technology for crypto assets, where each node can store and update data. UK Treasury Economic Secretary Tulip Siddiq stated that the Labour Party will soon announce its plans in the cryptocurrency sector.Bloomberg cited unnamed sources as saying that the Labour Party is likely to continue following in the footsteps of the previous ruling Conservative Party by developing legislation for stablecoins and staking.

ChainCatcher news, according to Cointelegraph, the UK Treasury plans to propose a regulatory framework for crypto assets and stablecoins before July, aimed at encouraging local digital asset and blockchain technology innovation.It is reported that UK Treasury Economic Secretary Bim Afolami revealed during a speech at the 2024 Innovate Finance Global Summit (IFGS) that the government is working to lay the groundwork for transforming the country's payment landscape.

ChainCatcher news, the UK Treasury's technical working group has released a new report on fund tokenization. This new report builds on the first report published by the technical working group in November 2023 and expands on the potential use cases for fund tokenization that were highlighted for the first time in the initial report. It specifically explores the use of tokens as collateral for money market funds and the role of tokenized funds in fully on-chain investment markets.In the third phase of work, the technical working group will now focus on how the UK investment management sector can leverage the opportunities brought by artificial intelligence.

ChainCatcher news, according to Decrypt, the UK Treasury has launched a new "Digital Securities Sandbox" (DSS) under the Financial Services and Markets Act, which will come into effect on January 8, 2024. It provides a firewall-protected financial laboratory to examine whether emerging technologies like blockchain can be used in the broader financial sector.The new DSS regulations will allow eligible financial market entities to participate as "sandbox participants," enabling them to conduct approved activities using developed technologies under modified regulatory requirements during a five-year trial period.

ChainCatcher news, the UK Treasury has released the final proposal for the regulation of crypto assets, outlining the UK government's intention to bring certain crypto asset activities under the scope of financial services regulation for the first time. The government's position is that companies dealing directly with UK retail consumers, regardless of their location, should be required to obtain authorization.The document describes that companies engaged in crypto asset activities must now obtain authorization from the UK Financial Conduct Authority, including a provision that cryptocurrency exchanges must provide detailed requirements for entry standards and mandatory disclosures when listing new assets.

ChainCatcher news, UK Treasury Minister Andrew Griffith stated to the parliamentary Treasury Committee on Thursday that the Treasury "strongly disagrees" with the recent suggestion to classify retail trading and investment activities in crypto assets as gambling.The department aims to regulate the cryptocurrency industry in the same way as other financial services, rather than causing the country to clash with global regulators.

ChainCatcher news, a new report released by the UK House of Commons Treasury Committee states that retail crypto trading is more like sports betting than investing and should be regulated.The report, co-authored by bipartisan lawmakers, argues that even blue-chip crypto assets like Bitcoin and Ethereum have no intrinsic value and serve no useful social purpose, and therefore should be regulated by the government as gambling tools. (The Block)

ChainCatcher news, the UK Treasury tweeted that cryptocurrency promotion regulations are expected to come into effect by the end of 2023. These regulations aim to protect consumers from "misleading crypto asset promotions" and apply to all crypto promotional activities directed at UK consumers, whether from the UK or overseas.The draft amendment to the UK Financial Services and Markets Act was published on Monday, which will enable the UK's Financial Conduct Authority (FCA) to regulate the promotional activities of crypto companies under existing regulations. The bill also includes a time-limited exemption for crypto companies (source link)

ChainCatcher news, the UK Treasury has canceled the government-backed NFT program. The program was initially proposed by Prime Minister Rishi Sunak when he was Chancellor of the Exchequer in April 2022, at which time the Royal Mint was asked to issue NFTs before the summer of 2022, but the plan was subsequently postponed.In a statement on Monday, UK City Minister Andrew Griffith stated that after discussions with the Treasury, the Royal Mint will not be moving forward with the issuance of NFTs, but the Treasury will continue to review the proposal. (BBC)

ChainCatcher news, according to CoinDesk, the UK Treasury today officially released a consultation document on cryptocurrency regulation, which will seek public feedback until April 30 of this year, aimed at providing clarity and confidence for consumers and businesses. The UK Treasury stated in a release that some proposals will give exchanges more responsibilities to define and detail the requirements for access and disclosure documents, and will establish a regulatory framework for financial custodians.The UK Treasury also stated that it will introduce a "time-limited exemption," allowing cryptocurrency businesses registered with UK financial regulators to launch promotional activities while awaiting further rules for the industry. UK Treasury official Andrew Griffith stated, "We remain firmly committed to growing the economy and driving technological change and innovation, including this new technology of crypto assets, to ensure robust, transparent, and fair standards." (source link)

ChainCatcher news, according to Bitcoin.com, Jon Cunliffe, the Deputy Governor of the Bank of England responsible for financial stability, stated that the collapse of the cryptocurrency exchange FTX highlights the urgent need for stronger cryptocurrency regulation. Although the crypto world is currently not large enough and its interconnections with mainstream finance do not pose a threat to the stability of the financial system, its links with mainstream finance have been rapidly developing.Jon Cunliffe emphasized, "We should not wait until cryptocurrencies are large and interconnected enough to create a necessary regulatory framework to prevent potential larger disruptive impacts from cryptocurrency shocks." Additionally, he mentioned that the UK Treasury will soon begin consultations on expanding investor protection, market integrity, and other regulatory frameworks that cover the promotion and trading of financial products, involving activities and entities related to crypto assets. (source link)