"Wow, Britain is the best, other countries should follow suit."
In order to implement the first set of rules to regulate the cryptocurrency market, Britain is about to enact a law that an individual must comply with if they want to offer services to users.
Reportedly, the European Union (EU) adopting the world's first comprehensive set of rules for the crypto market in June 2023 has attracted a lot of interest from digital asset firms seeking regulatory certainty.
The regulation will focus on digital assets such as Bitcoin (BTC), distributed ledger technology or blockchain.
Not only that, it will also cover offering digital assets, operating a trading platform, exchanging crypto assets for currencies such as sterling, arranging investments, lending crypto assets and others.
However, Jonathan Cavill, a lawyer at Pinsent Mason, believes that crypto regulation may not be easily incorporated into the existing regulatory framework and that as the crypto market grows rapidly, the UK is expected to be left behind.
However, Britain remains committed to creating a regulatory environment where firms can innovate while maintaining financial stability so that people can use new technologies safely.
It's true that Britain introduced regulations on cryptoassets this month, but digital asset firms currently only need protection against money laundering.
According to the British Ministry of Finance, the country will also regulate stablecoins, which are digital currencies backed by government-issued currency for retail payments, and will introduce legislation in 2024.
