Summary
Afolami stated that legislation is being developed to regulate crypto assets, including exchanges and custody of assets, for the first time.
Key Points
1. The UK is working quickly to implement legislation for a regulatory regime that will cover a range of crypto asset activities.
2. Once the legislation is in place, activities such as operating a crypto exchange and taking custody of customers’ assets will fall within the regulatory perimeter for the first time.
3. This regulatory framework will bring oversight and accountability to the crypto industry in the UK.