Digital Asset Firm HAYVN Welcomes Crypto Regulatory Clarity in the UK

The UK government has released proposals for regulation of the cryptocurrency industry in hopes of “stabilizing the market while diminishing the incentives for users to flock to offshore jurisdictions.”

Perhaps one of the benefits of the post-FTX landscape is that regulators are now “urged to more clearly communicate necessary oversight in order to allow the industry to adhere to established customer protection laws,” according to an update from HAVYN.

HAYVN CEO Christopher Flinos reiterates how important these developments are.

“Building a trusted industry that offers innovators a chance to build onshore, all while maximizing customer protection through regulation is key. The added regulatory clarity will only increase the institutional interest in the space, while cementing cryptocurrency’s role in our modern economies The UK Treasury seeks to allow crypto businesses to benefit from existing laws set out in the Financial Services and Markets act (FMSA), rather than create tailored regulations for digital assets – creating a system of “the same risk, and same regulatory outcome.”

The proposals are said “to provide clarity with regards to data reporting, promoting crypto assets, and pump and dump schemes.”

A common cited concern is “that regulation will do unnecessary damage to the industry, proving to be a clampdown on technology and stifling growth.”

This however is “not the intention, as Andrew Griffith, the Economic Secretary to the Treasury, maintains that the commitment is to enable technological change and innovation, while also protecting the consumers who are engaging with this new technology.”

Indeed without adequate regulation we may get innovative products “that can take advantage of sparse regulation, poor governance, and no internal controls to grow beyond their means.”

In January 2023 HAYVN, the globally regulated digital asset focused financial institution launched its HAYVN 20 Cryptocurrency Index fund.

The Cayman Islands based fund “offers clients a diversified, low-cost and regulated strategy to invest in an index representing the top 20 cryptocurrency coins by market capitalisation.”

As noted in the update, HAYVN is “a digital asset focused financial institution delivering Payments, Trading, Custody, Asset Management and Research to its global client base.”

Regulated by the ADGM, BVI, AUSTRAC and the CIMA, HAYVN is reportedly “one of the global leaders in institutional cryptocurrency, serving HNW individuals, small and middle-market businesses, corporations and institutions, with a full range of cryptocurrency trading, payments, custody, asset management and research products and services.”

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