The U.K government has confirmed its plans to introduce formal legislation for crypto operations by 2024. This announcement was contained in the paper released by the government last Monday.
The government says it’s already working on recommendations and regulations that will likely be the same as those of banks and other financial services firms.
It is not immediately clear at this stage what the government’s proposals on crypto will look like. However, the proposals may include stricter rules for exchanges, market abuse, disclosures, and others.
Below, we summarize the government’s latest news on crypto and how it affects the crypto landscape and some top cryptos to invest in, particularly Ethereum Classic’s price and the ongoing Galaxy Fox presale.
Ethereum Classic ($ETC)
Ethereum Classic ($ETC) is a decentralized blockchain platform that runs smart contracts. The platform was created in 2016 because of a hack of the decentralized autonomous organization (DAO), a system built on the Ethereum blockchain tasked with distributing management, decision-making, and entity ownership.
The hack was due to vulnerabilities in the DAO’s codebase, with the attacker stealing over $60 million worth of ETH out of the project.
After the attack, the Ethereum community decided to split the network into two branches, Ethereum and Ethereum Classic. The Ethereum Classic was born and has since remained one of the top cryptos to invest in.
Galaxy Fox ($GFOX)
Many crypto experts have hailed Galaxy Fox ($GFOX) as one of the top cryptos to invest in. The platform is a P2E blockchain project that allows players to engage with one another to unlock remarkable financial opportunities. Players aim to rank among the top 20% on the leaderboard to earn in-game assets that can be exchanged for $GFOX.
In addition to gaming, the platform was designed to offer various earning opportunities, such as staking, minting, and selling of NFTs, burn tokenonics, and more.
The platform’s native token, $GFOX, is the governance and utility token powering the project. Holders are open to several utilities on the platform and will have plenty of opportunities to earn rewards through the project.
Before the presale event, Galaxy Fox revealed it had supplied 5 billion $GFOX tokens. Thus, 70% of tokens are available for public sale. The remaining 30% will be used for the ecosystem, team tokens, competition, and prizes.
The Galaxy Fox (GFOX) presale is live now on its website. This is an excellent opportunity for investors who engaged earlier in the process to purchase the tokens at lower prices, as experts have hailed the token as the best cheap crypto to buy now. The presale stage was designed to reward early adopters with greater profits.
Conclusion
The crypto regulations proposed by the UK government will not likely affect how Ethereum Classic and Galaxy Fox operate. For instance, the US Security and Exchange Commission (SEC) does not consider Ethereum or Galaxy Fox securities due to their decentralized networks.
Without being considered a security, these crypto projects will not be included as financial products that contain a basket of securities, bonds, stocks, and bonds. Moving forward, there are still many uncertainties surrounding the regulatory landscape for crypto networks, issues that will be sorted out in the coming years.
Learn more about Galaxy Fox ($GFOX) here:
Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter
