According to people familiar with the matter, the new regulations will be friendly to the cryptographic industry and will clarify the existing rules. According to available reports, Treasury officials were willing to learn more about the cryptographic market and consulted with cryptographic companies and business groups. The Bank of England has called on regulators to minimize cryptocurrency risks to financial stability. The Deputy Governor of the Bank of England has written letters to several CEOs of banks outlining the "increased interest" of banks and investment companies wishing to enter various cryptocurrency markets. Many cryptographic industry experts regret the lack of similar government coordination in the UK, although the government has used the help of the Massachusetts Institute of Technology to research the central bank's digital currency. Several cryptographic companies in the United Kingdom could be forced to close down if they did not register with the Financial Conduct Authority by 31 March 2022.
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