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UK must relax KYC requirements for cryptocurrencies to overtake US in Web3 space

Policy Exchange has recently released a comprehensive report on the Web3 field, which includes ten proposals aimed at strengthening the UK's Web3 competitiveness. The report suggests that the UK must relax its KYC requirements for cryptocurrencies in order to surpass the United States in the Web3 field, with one proposal focusing on limiting the personal legal liabilities of individuals in decentralized autonomous organizations (DAOs). The report further advocates for a reassessment of the policies of the UK Financial Conduct Authority (FCA), proposing the relaxation of current "know your customer" (KYC) regulations and inviting exploration of "alternative and innovative technologies," including digital identities and blockchain analysis tools.

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