The UK government plans to implement regulations for crypto by 2024.

The UK Government Aims to Introduce Cryptocurrency Regulations by 2024?Cryptocurrency will soon be subject to the same regulations as traditional financial services, according to the UK government.

The government recently stated that it plans to introduce legislation governing all cryptocurrency activities as early as 2024. The announcement comes after the government reached out to major players and stakeholders to gain insight into the proposed regulatory framework. The UK's financial services minister, Andrew Griffith, expressed gratitude for the constructive feedback received from industry members, adding that the UK is committed to becoming a global hub for cryptocurrency.

The government intends to revise existing laws, including the Financial Services and Markets Act 2000, and give the Financial Conduct Authority (FCA) the authority to regulate crypto asset service providers. The UK government also clarified that it has no intention of regulating cryptocurrency as gambling, which would be counter to global recommendations and misaligned with the EU and other major jurisdictions.

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