To Become a Global Leader, UK Pushes Crypto Laws!

<p>&nbsp;"Wow the UK is finally starting to open its eyes to crypto, other countries when?"</p><p><br /></p><p>Following the intention to become a hub of digital assets and non-fungible tokens (NFT), the Law Commission of the United Kingdom (UK) suggests that the country should develop laws that can regulate cryptocurrencies.</p><p><br /></p><p>According to the independent panel, the proposal aims to provide a comprehensive legal basis for digital assets, where it allows new technologies to develop and various market participants to interact.</p><p><br /></p><p>In April last year, the UK Treasury, which wants to develop a leading global hub of crypto, introduced several legislative proposals to regulate businesses in relation to digital assets and encourage investment in the country.</p><p><br /></p><p><br /></p><p>Previously, Judge Geoffrey Vos has indicated that updates to the legal system in England and Wales could make the UK a preferred destination for the crypto market and further increase its appeal.</p><p><br /></p><p>Coming back to the explanation, the UK Law Commission has asked the government to clarify its position on digital assets following it wants to know whether or not the government will consider crypto as money to be used as collateral under existing rules.</p><p><br /></p><p>The string, regulators around the world are trying to provide some clarity on how they handle crypto, among them is the chairman of the Federal Reserve (Fed) Jerome Powell who revealed that he will recognize stablecoins as money last week.</p><p><br /></p><p>While the panel also suggested that Prime Minister Rishi Sunak's government should establish a new panel consisting of institutional experts to provide guidance on the technical and legal framework of digital assets.</p>