Legislative drafting is the process of writing new laws or amendments to existing laws. In the context of digital assets, this involves crafting legal texts that address the unique characteristics and complexities of cryptocurrencies, blockchain technology, and decentralized finance. It requires careful consideration of technological definitions, market operations, and consumer protection principles. Effective drafting aims to create clear, enforceable, and future-proof regulations.
Context
Legislative drafting for digital assets is a critical activity in many jurisdictions as governments strive to establish comprehensive regulatory frameworks. Current discussions often focus on the precise classification of various digital tokens and the scope of regulatory oversight. The quality and adaptability of this drafting will significantly determine the future growth and legal certainty of the crypto industry.
The UK's draft regime mandates that crypto exchanges and dealers adopt traditional finance standards for resilience and client protection, setting a clear divergence from MiCA.
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