Crypto: UK finalizes regulation plans, Goldman Sachs in the market for bargain firms

Yahoo Finance's Rachelle Akuffo discusses crypto news as the UK moves to solidify a crypto regulatory framework and Goldman Sachs looks to scoop up crypto companies.

Video transcript

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RACHELLE AKUFFO: The UK Treasury is finalizing plans for crypto regulation following the implosion of FTX. That's according to reporting by "The Financial Times." Now, the rules are expected to include limits on foreign companies selling into the UK, provisions for how to deal with the collapse of companies, and restrictions on the advertising of products. Now, earlier this year, now Prime Minister Rishi Sunak, who was chancellor at the time, said it was his ambition to make the UK a global hub for crypto asset technology.

And of course, on Wall Street, Goldman Sachs is looking to spend tens of millions of dollars to buy or invest in crypto companies. The head of the banking giant's digital assets telling Reuters the FTX's implosion has heightened the need for more trustworthy, regulated players in the space. And big banks see an opportunity to pick up business.