The UK government has decided to make changes in a controversial law made to collect personal information from private crypto wallets. There was strong opposition on social media to this law. The law was announced last year by the Treasury Office of Britain.
The purpose of this law was to strengthen all financial systems including cryptocurrency. It was proposed that for private crypto transactions, information of those who receive 1,000 pounds or more would have to be collected. People had expressed their displeasure over this law on social media, which could be a reason for change in it.
After the amendment, the law directed private crypto wallet providers to collect only details of transactions that seem suspicious.
The documents related to this states, "Instead of collecting information related to all untoward wallet transfers, crypto firms will have to collect information about the transactions suspected of being illegal." Changes in this law can remove the displeasure of the people associated with the Crypto segment.
The Block report stated that the UK government introduced this law about a year ago to prevent funding for money laundering and terrorist activities. Britain wanted to ensure that all funds associated with crypto could be identified.
Cryptocurrency has recently been included in the official financial system in the UK. Stabilcoins such as Tether and Binance USD were officially approved in April as an official through payment. Stabilcines are cryptocurrency that try to connect their market price with a reserve asset like gold or normal currency. These are more used for digital transactions that include converting virtual assets into real assets.
Apart from this, there is also a plan to create a financial market infrastructure called 'Sandbox' in Britain. This will give firms the ability to experiment and innovate about infrastructure related to crypto services. Some other measures to promote the Crypto segment in Britain are also being considered.