Published on October 30, 2023 17:22 GMT+00:00edited on October 30, 2023 17:24 GMT+00:00

The UK government provided a detailed response to its consultation for crypto asset regulation, publishing on Monday final proposals that were informed by companies, experts and market events, "including the failure of FTX."

The proposals outline the UK government's intention to bring a number of crypto asset activities into the regulatory perimeter for financial services for the first time. "The government's position is that firms dealing directly with UK retail consumers should be required to be authorized irrespective of where they are located," the report said.

The document described how firms undertaking crypto asset activities will now have to be authorized by the UK's Financial Conduct Authority. The authorization will include a stipulation for crypto exchanges to create detailed …