A newly-proposed plan by British MPs to regulate the digital assets space has aroused criticism by experts. UK analysts and businesses have hit back at the proposed changes to regulate blockchain technology and cryptocurrencies, claiming the plans are “ashamedly geared around ”.
A joint report by British Business Federation Authority (BBFA), TodaQ cryptocurrency exchange, and the venture capital fund Novum Insights has urged caution, warning that “bad regulation is worse than no regulation at all”.
“It is a very blunt instrument approach and I haven’t seen this in other countries,” said Patrick Curry, chief executive of the BBFA, for the Telegraph. “The use of this technology is still a voyage of discovery and these technologies are being refined for different types of use. My concern is the law of unintended consequences.”
Curry warned that the proposed legislation could potentially force UK crypto exchanges to move out of…
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