{"id":81134,"date":"2023-11-06T05:15:55","date_gmt":"2023-11-06T10:15:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bittrex-global-ceo-supports-uk-treasurys-crypto-regulation-steps-heres-the-latest\/"},"modified":"2023-11-06T05:15:58","modified_gmt":"2023-11-06T10:15:58","slug":"bittrex-global-ceo-supports-uk-treasurys-crypto-regulation-steps-heres-the-latest","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81134","title":{"rendered":"Bittrex Global CEO Supports UK Treasury&#8217;s Crypto Regulation Steps \u2013 Here&#8217;s the Latest"},"content":{"rendered":"<div>\n<figure id=\"attachment_127375\" aria-describedby=\"caption-attachment-127375\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-127375\" class=\"wp-caption-text\">Image Source: Pixabay<\/figcaption><\/figure>\n<p><strong>Bittrex<\/strong> Global CEO <strong>Oliver Linch<\/strong> has voiced support for the UK Treasury\u2019s recent crypto asset regulation proposals, arguing that they could help the country achieve its goal of becoming a leading hub for digital assets.<\/p>\n<p>In a <span data-preserver-spaces=\"true\">recent interview<\/span>, Linch, a former solicitor at Shearman &amp; Sterling with extensive experience in regulatory policy, said he believes that the UK\u2019s proposed approach is a practical and realistic one.<\/p>\n<p>While some within the crypto community have expressed lukewarm responses to the proposals, he argued that the regulations offer much-needed guidance and clarity.<\/p>\n<p>\u201cIt\u2019s the UK\u2019s first significant move towards treating crypto as a viable, grown-up asset class in serving the needs of both institutional and retail investors, albeit one that has garnered a somewhat lukewarm response thus far,\u201d Linch said.<\/p>\n<p>\u201cWhile the reception from within the crypto community has been muted, I think that\u2019s unfair.\u201d<\/p>\n<p>He said that the decision to include crypto within existing regulatory frameworks could inspire confidence among market participants, especially large financial institutions.<\/p>\n<p>By leveraging familiar legislative frameworks, the risk of regulatory missteps may be reduced, thereby encouraging greater institutional investment in the crypto space, he noted.\n<\/p>\n<h2>UK\u2019s Latest Crypto Legislation Suggests it Recognizes the Significance of Digital Assets<\/h2>\n<p>\nLinch said that the UK government\u2019s decision to incorporate crypto within its general financial services legislative framework signifies that it recognizes the significance of digital assets in the financial sector.<\/p>\n<p>\u201cThe UK government is signaling that it agrees with Bittrex Global\u2019s view that the future of crypto is simply as another (albeit hugely important) part of the financial sector; this is an important first step in crypto taking its rightful place at the adult\u2019s table,\u201d he said.<\/p>\n<p>The UK Treasury\u2019s final proposals, which were created based on input from industry experts and market events, aim to establish stringent requirements for firms engaging with UK retail consumers.<\/p>\n<p>Under the new regulation, crypto firms, regardless of their geographical location, would need to obtain authorization from the Financial Conduct Authority (FCA) and adhere to specific standards and disclosure requirements.<\/p>\n<p>While the proposals notably exclude regulations for decentralized finance (DeFi), the UK Treasury recognizes that it is premature to regulate this sector at present.<\/p>\n<p>Linch commended the government\u2019s response, pointing out that it is crucial to focus on the positive aspects of the proposals and acknowledging that there is still more detail to come.<\/p>\n<p>The UK has been taking steps towards providing regulatory clarity in the crypto space.<\/p>\n<p>Earlier this year, the country <span data-preserver-spaces=\"true\">officially passed legislation<\/span> to regulate cryptocurrencies and stablecoins as part of its broader financial regulatory reforms post-Brexit.<\/p>\n<p>The law, dubbed the <strong>Financial Services and Markets bill<\/strong>, will grant regulators the authority to establish a tailored framework for the digital asset sector, supporting crypto\u2019s \u201csafe adoption in the UK.\u201d<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bittrex-global-ceo-supports-uk-treasurys-crypto-regulation-steps-heres-the-latest.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: Pixabay Bittrex Global CEO Oliver Linch has voiced support for the UK Treasury\u2019s recent crypto asset regulation proposals, arguing that they could help the country achieve its goal of becoming a leading hub for digital assets. In a recent interview, Linch, a former solicitor at Shearman &amp; Sterling with extensive experience in regulatory [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-81134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bittrex Global CEO Supports UK Treasury&#039;s Crypto Regulation Steps \u2013 Here&#039;s the Latest | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Image Source: Pixabay Bittrex Global CEO Oliver Linch has voiced support for the UK Treasury\u2019s recent crypto asset regulation proposals, arguing that they\" \/>\n<meta name=\"robots\" content=\"index, follow, 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