The British Treasury refused …


BBC The Great Offices of State: 3. The Secret Treasury

The British Treasury refused ...

British Treasury refused to consider XRP as a security

  • UK Treasury refuses to consider XRP a valuable currency

  • The decentralized finance market will remain outside UK regulation for now

  • UK government is considering tightening regulation of straycoins

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Her Majesty’s Treasury Officially Equated the Token As the use of cryptocurrencies increases, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More from Ripple (XRP) to Cryptocurrencies Alongside Bitcoin and Ethereum

The UK Treasury (Her Majesty’s Treasury) has officially equated the XRP token with cryptocurrencies, refusing to classify it as a security. This is reported in the official decree of the department.

The British Treasury refused ...

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According to the ruling, XRP, Ethereum (ETH) and Bitcoin are tokens that are used “as a medium of exchange.” Since “exchange tokens” are neither electronic money nor securities, they fall under the unregulated category. 

We will remind, earlier, the US Securities and Exchange Commission (SEC) sued Ripple, accusing it of violating the securities law through the sale of XRP tokens.

The department also classifies security tokens separately. As stated in the resolution, such tokens include assets that are similar in their properties to investment instruments such as stocks or bonds..

Decentralization beyond regulation

UK Treasury recognizes new forms of cryptoassets like stablecoins could become a widespread means of payment and potentially improve international transactions.

The British government has also proposed not to include the decentralized finance market (DeFi) Decentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More sectors of cryptoeconomics. The regulator will continue to monitor the new sector and is interested in views on the possible benefits and risks associated with DeFi, the document says..

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The British Treasury refused ...

BeInCrypto previously reported that the UK government intends to tighten its supervision of both stablecoin issuers and companies providing related services. UK government is considering banning unsecured stablecoins in fiat currency.

Meanwhile, the Financial Conduct Authority (FCA) has warned cryptocurrency investors that they risk losing all of their assets at any time. The regulator believes that investing in the digital asset market is associated with price volatility, product complexity and a lack of consumer protection.

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