Comprehensive Analysis Of Cryptocurrency And Regulations, Legal Implications, And Economic Consideration In The Uk

Abstract

Cryptocurrency has been accepted as a means of financial transactions by UK and other countries of the world. Despite numerous challenges, the cryptocurrency market has a potential to revotionalise the financial markets. Nowadays the underlying technology behind this the Blockchain technology is been used in a variety of field. The novelty factor and the pace of growth have fueled both a utopian promises and dystopian fears behind it. This paper examines the principle-based regulatory framework for crypto assets in the UK which distinguishes itself as an innovator. The financial impact of the Financial services and Marketing (FSMB) 2023 bill passed regarding it in the year 2023 in an attempt to compete European Union’s Market in Crypto Assets(MiCA)regulations post Brexit. Instead of developing a separate regime, the government intends to incorporate cryptocurrency assets into the regulatory framework established by the Financial Services and Markets Act (FSMA). This recent development has shown a positive impact in the consumer behaviour and it assists in mitigating risk. This article will be useful to scholars of economics, technology and law regarding the regulatory aspects of the cryptocurrency. This research will be useful to scholars of law, economics, and technology regarding the regulatory aspects of cryptocurrency.