GDF submission to the HM Treasury Future Financial Services Regulatory Framework Consultation and Call for Evidence
Overall, GDF welcomes this consultation paper. It firmly outlines HMT’s intention to position the UK as a global cryptoasset hub and delivers a clear plan on how it intends to create a framework that would enable this. GDF appreciates the engagement shown by both HMT and the FCA during this process to consult industry and appreciate the opportunity to attend discussions in addition to responding to the paper. GDF is in complete alignment with the core values of this paper and urges HMT to stick to this when it delivers the final framework.
Same risk, same regulatory outcome: whilst often said, the risk element of this is statement is often not given much attention and there is an assumption of risk. GDF calls on HMT to continue to engage with industry to ascertain what the true risks are with the activities taking place and where additional measures need to be put in place due to novel risks and where risk is mitigated by the very nature of the technology used.