The United Kingdom Treasury is proposing to prohibit digital tokens which are still unbacked from its latest regulatory sandbox.
According to a consultation paper that the UK treasury released yesterday, until these frameworks have more clarity, the treasury does not intend to make use of the existing regulatory initiatives to build regulation and policy for this asset category.
Fast Facts
- The latest proposal made by the UK Treasury may include the flagship markets like Ethereum and Bitcoin.
- The regulatory sandboxes which will be created in compliance with the UK’s Financial Services and Markets Act will give the country’s authorities additional time to amend existing legislation, if required for cryptocurrency products.
- The main objective of this proposed framework is to permit organizations to operate in the method in which parliament believes their services or products should fall according to existing regulations.
- As per the latest report, these issues will possibly not support “unbacked cryptos” which are still under the development stage together with derivatives.
- The Treasury promised though to consider feedback related to the suggested digital securities protected zone until August this year when it will expire.
- The new report also proposed that top cryptocurrencies such as ETH (Ethereum) and BTC (Bitcoin) may likely not qualify to be a part of this Treasury initiative.
- Since the UK regulator previously categorized cryptos as “unbacked” and then recommended that they be regarded as illegal, this asset class requires more clarity before it is included in the new plan. But in the meantime, the Treasury can only make use of existing regulatory structures to create policies and regulations for them.
Crypto Outlook Today
The crypto prices today by market capitalization is $1.19T which is an increase of 0.76% over the previous day.
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Overall cryptocurrency market volume for the past 24 hours is $25.91B and this makes a decrease of 20.26%. currently, DeFi’s total volume is at $2B, 7.73% of the overall cryptocurrency market this past 24-hour volume.
Meanwhile, Bitcoin is dominating with 49.99% which is an increase of 0.09% throughout the day.
Bitcoin sales at $30,710.79. there is an increase in its market volume by 0.87%, with a decrease in trading volume of 22.76%.
Ethereum sales at $1,888.15. its market cap increased by 0.99% while the trading volume decreased by 21.37%.
Tether USDT sales at $1.00. viewed an increase in market cap with 0.01% and a decrease in trading volume of 20.61%
BNB sales at $248.13. market cap increased by 0.60% while trading volume saw a decrease of 34.67%
USD Coin USDC sales at $1.00. the market cap was reduced by 0.12% and the trading volume also reduced by 19.64%
XRP XRP trades at $0.4736. there is a reduction in the market cap of XRP by 0.12% and trading volume is reduced by 19.64%
Cardano ADA trades at $0.2923. market cap increased by 0.72% while the trading volume was reduced by 26.32%
Dogecoin DOGE trades at $0.06528. the market cap increased by 0.54% while the trading volume saw a decrease of 35.18%
Solana SOL trades at $21.99. the market cap increased by 0.49% while the volume declined by 31.88%
Litecoin LTC trades at $96.78. LTC market cap dropped by 0.70% with volume dropping by 30.49%
TRON TRX trades at $0.07795. the TRX market cap increased by 1.28% while its volume declined by 8.67%.
