UK wants more crypto user data

In the Crypto market this time a lot of countries are looking at the regulation side which is good in certain ways as long as it works on consumer protection because with the regulation crypto companies will not be able to do anything that is not according to the guidelines. Some exchanges follow unfair practices which is not good and it results in a loss for the people who trusted the exchange for the investment.

UK is one of the countries that is looking for more triple user data because now they are working to bring regulation and making KYC as a mandate for everyone working in industry. Idly KYC should not be there but since some countries are pushing it we just can't do anything and probably many other companies will also follow the same they will ensure all their users are KYC verified. Definitely with kyc things like antimony laundering can be controlled which is good for the country and to keep a tab on illegal transactions.

Just as a major crypto platform admitted contractors leaked user info, the United Kingdom unveiled strict new rules requiring firms to collect and report detailed personal data on every crypto transaction

At least this approach is better than some of the countries that are still not concerned about Crypto as a new asset class and they are working to ban this. As far as I'm aware the United Kingdom is one of the countries that is working to support the Crypto industry and they are considered as one of the segments that can be a good addition so they are not against this new asset class.

I believe that this is happening more when the crypto prices are going up especially Bitcoin which is beyond 100K U.S dollars and the anticipated price is going to be 150 K U.S dollars or maybe more that we don't know however since it is a valuable set now so the governments are trying to keep a track on the transaction and also ensuring that no wrong activities are done in this segment. This makes sense and hopefully, this decision that the UK has taken make things better for the crypto community.

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