The UK government announced a set of new rules for the crypto asset sector, aiming to "provide confidence to investors and protect consumers," according to a statement from the British Treasury.
During an event in London marking UK Fintech Week, the country's Finance Minister, Rachel Reeves, revealed that the country published a legislative proposal to regulate digital assets such as bitcoin and ethereum. The measures are part of the "Plan for Change," a broader initiative to boost economic growth.
According to the British government, approximately 12% of adults in the United Kingdom already own or have owned crypto assets, compared to only 4% in 2021. "But often, consumers have been exposed to risky companies and scams," the statement says.
The new rules will bring "brokers, agents, and crypto asset trading platforms" into the regulatory scope, aiming to curb fraud and, at the same time, support "legitimate innovation." Companies that provide services to British customers will have to follow clear standards of "transparency, consumer protection, and operational resilience," similar to those required in the traditional financial sector.
The United Kingdom is also discussing with the United States ways to encourage the responsible use of digital assets. Reeves mentioned conversations with U.S. Treasury Secretary Scott Bessent and revealed that the two countries are evaluating proposals such as the creation of a "transatlantic sandbox" for digital assets.
"We are making the UK the best place in the world to innovate, and the safest for consumers," said Reeves. "Today's announcement sends a clear message: the UK is open for business but closed to fraud, abuse, and instability."
