#DigitalAssetBill

VK sets rules for digital assets, aligns with US approach.

The United Kingdom's Treasury has published draft regulations for digital assets and indicated that they plan to work with the United States to support innovation in the digital asset industry, said Finance Minister Rachel Reeves on April 29. “Through our Change Plan, we are making Britain the best place in the world to innovate – and the safest place for consumers,” Reeves said in a statement on April 29. “Robust rules around crypto will increase investor confidence, support the growth of Fintech, and protect people across the UK.” The UK Treasury's comments came after Reeves recently met with US Treasury Secretary Scott Bessent in Washington, D.C., where they reportedly discussed cooperation around the regulation of digital assets. The Finance Minister also stated that the UK and the US will use their upcoming joint 'Financial Regulatory Working Group' to “continue engagement to support the use and responsible growth of digital assets.” The UK government's plans to align with US digital asset policy were revealed during a key summit in London to celebrate UK Fintech week, where Reeves also announced that the Treasury had published draft legislation for the regulation of the industry. Under the new draft rules, digital asset exchanges, traders, and agents will be brought under the UK's financial services regulatory regime, and digital asset firms with UK clients will have to comply with clear standards on transparency, consumer protection, and operational resilience – “just like firms in traditional finance,” the Treasury said. It added:

“Today's announcement sends a clear signal: Britain is open for business – but closed to fraud, abuse, and instability.”