"UK Takes Action: Formal Legislation to Regulate Crypto Industry"

The UK government has confirmed plans to regulate the cryptocurrency industry and aims to introduce formal legislation for crypto activities by 2024. The proposed regulations would bring cryptoasset activities under the same rules that govern banks and other financial services firms. The government's plans include stricter rules for exchanges, custodians, and crypto lending companies, as well as measures to address market abuse and improve disclosure requirements. The UK aims to position itself as a global hub for cryptoasset technology and is ahead of other countries in the process of implementing formal laws for the crypto industry.