The United Kingdom government has put forth plans to increase regulations on cryptocurrencies and align them more closely with the traditional financial system following the annual report from blockchain research firm Chainalysis. According to the report, cryptocurrency hacks have reached an all-time high and are suspected to have been conducted by North Korea.

Record High Cryptocurrency Hacks Suspected to be North Korean

This news comes as a blow to the cryptocurrency industry, which has seen an increase in popularity in the past several years due to its decentralized nature and perceived immunity to regulation. However, this also highlights the need for proper security measures and regulatory oversight to ensure the safety and stability of the market.

Shift in Perception: Cryptocurrencies as a Mainstream Asset Class

It remains to be seen what specific regulations will be implemented in the UK, but it is clear that the government views cryptocurrency as a legitimate financial instrument that must be held accountable to traditional financial standards. This move also signals a shift in how cryptocurrencies are perceived by the wider public, from a niche investment vehicle to a mainstream asset class.

Read More Here https://news.sky.com/story/biggest-year-ever-for-crypto-hacking-with-north-korea-the-suspected-culprit-12800600

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