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The British finance ministry is planning "robust" regulations for crypto assets after the demise of the crypto exchange FTX the year before.
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That FTX blunder left millions of people with billions of dollars of losses.
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Crypto is not currently regulated worldwide, with companies only required to conduct tests to stop money from smuggling into the wrong hands.
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However, the British Financial Conduct Authority has revealed that over 80 percent of license applicants could not prove they could perform this task properly because "dark money" circulates through the sector.
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The rules draft, due to be released on Wednesday, will provide open, transparent, and fair standards.
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That aligns with the traditional approach to finance, Finance Minister Andrew Griffith said in a statement released Tuesday.