The UK is rising in the crypto game – with clear rules, hard reforms, and global collaboration. At the UK FinTech Week Summit, the Treasury and Chancellor of Exchequer, Rachel Reeves, have DRAFT's policies have been introduced to regulate Cryptoassets, aimed at protecting people from scams and shady companies. Here's what the rules are commanded?
Crypto companies faced more strict standards
Under these new policies, crypto platforms that deal with properties such as Bitcoin and Ethereum will now fall under strict regulations. This includes exchanges, sellers, and agents, which will need to follow the same high standards as traditional finances.
This means that crypto platforms serving UK customers should follow strict transparency, consumer protection, and operational stability policies. The move is part of the “plan for change,” an approach to grow financial services while reducing the risk.
With the Crypto ownership of travel to the UK from 4% from 2021 to 12% today, regulators said it was time to walk. Lots of people were left with risky platforms and scams. The new rules aim to stop that, making sure users are better protected from one day.
Reeves, meanwhile, is clearly clear: The UK wants to be the best place to build in crypto, but the worst place for scammers.
UK and US explore joint change
In addition to new local policies, the UK is also working with the US through the UK-US Financial Regulatory Working Group. The two countries explore a joint way to promote the safe growth of crypto.
A Kapana -excited idea on the table is a “Transatlantic sandbox,” A shared test space for digital security, as suggested by SEC Commissioner Hester Peirce.
Big motions to come in July
Reeves confirmed that the UK will release the first financial service growth approach on July 15, with Fintech named a top priority.
The government also plans to end and roll out the entire crypto law by the end of 2025 after more discussions with industry players.
