U.K. Details Plan To Regulate Bitcoin – Bitcoin Magazine

The United Kingdom has released its plans to regulate the cryptocurrency industry within the country.

The announcement highlights that “high levels of volatility and a number of recent failures have exposed the structural vulnerability of some business models in the sector,” amongst other reasons, have led to the new set of regulatory guidelines.

Specifically focusing on trading and lending, the report describes how the United Kingdom’s government “will seek to regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance.” It details how proposals will place responsibility on the cryptocurrency exchanges and firms to define detailed content requirements for disclosure documents, ensuring “fair” standards. In order to ensure the safety of customer funds, the consultation will seek to create a framework with clear guidelines for responsible practices.