#DigitalAssetBill The United Kingdom is developing standards for digital assets, aligning with the U.S. approach.

The UK Treasury published a draft regulation for digital assets and indicated that it plans to work with the United States to support innovation across the digital asset industry, said Treasury Secretary Rachel Reeves on April 29.

“With our Plan for Change, we are making Britain the best place in the world to innovate and the safest place for consumers,” Reeves stated on April 29. “Strong standards around cryptocurrencies will boost investor confidence, drive fintech growth, and protect people across the UK.”

The comments from the UK Treasury came after Reeves recently met with U.S. Treasury Secretary Scott Bessent in Washington, D.C., where they reportedly discussed collaboration on digital asset regulation. The Treasury Secretary also said that the UK and the United States will use their upcoming joint 'Financial Regulation Working Group' to "continue the commitment to support the responsible use and growth of digital assets."

The UK Government's plans to align with the U.S. digital asset policy were revealed at a major summit in London to commemorate UK Fintech Week, where Reeves also announced that the Treasury had published a bill to regulate the industry.

According to the new draft standards, exchanges, dealers, and digital asset agents would be subject to the UK’s financial services regulatory regime, and digital asset companies with clients in the UK would have to meet clear standards of transparency, consumer protection, and operational resilience, "just like traditional finance companies," the Treasury said.