The United Kingdom is actively looking to regulate the crypto market and has proposed many new policies to bring various crypto markets under the rule of law. However, among the various newly proposed suggestions, what turned many heads is the request to remove blockchain and Distributed Ledger Technology (DLT) references from the definition of crypto assets.
A new crypto report titled “Cryptoasset promotions: Consultation response” from the Her Majesty’s (HM) Treasury noted that, while most crypto assets use DLT or blockchain as an underlying technology, it might change over time the industry evolves. Thus, crypto assets must be exempt from the reference of DLT to “future-proof the definition for innovations.” The official statement said: