A Statutory Instrument is a form of secondary legislation made by a government body under powers granted by primary legislation. These legal instruments are used to implement, update, or specify details within existing acts of parliament, possessing the full force of law without requiring a separate parliamentary vote for each specific provision. They enable governments to adapt regulatory frameworks more efficiently to evolving circumstances or technological advancements. In the digital asset sector, statutory instruments can introduce specific rules or amendments concerning crypto assets, service providers, or market conduct.
Context
The discussion surrounding Statutory Instruments in the digital asset space often highlights their role in rapidly adjusting regulatory frameworks to address new market developments or risks without requiring extensive legislative processes. A key debate involves ensuring adequate parliamentary oversight and public consultation when significant policy is implemented through these instruments. Future developments anticipate a continued reliance on statutory instruments to provide granular regulatory guidance for digital assets as jurisdictions refine their approaches.
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