U.K. government outlines plan to regulate cryptocurrency

The U.K. government is fastening the seat belt to bring the cryptocurrency industry under financial services regulation. The Treasury said late on Tuesday it would unveil a series of proposals to "regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance." The move follows a turbulent year in the crypto space where billion dollar funds were stuck and the value of the 500 biggest crypto tokens tanked by ~$1.7T. Note that last year, Rishi Sunak, then Chancellor of the Exchequer, said he wanted to make the U.K. "a global hub for crypto-asset technology". The U.K. Treasury will seek rules for companies that facilitate crypto transactions and safeguard customer assets, as well as tougher transparency requirements.