The UK government announced on Tuesday, 29, a set of new rules for the cryptocurrency sector, aimed at "giving confidence to investors and protecting consumers," according to a statement from the British Treasury.#BinanceAlphaAlert
During an event in London marking UK Fintech Week, the country's Finance Minister, Rachel Reeves, revealed that the country has published a legislative proposal to regulate digital assets like 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 UK already own or have owned cryptocurrencies, compared to just 4% in 2021. "But frequently, consumers have been exposed to risky companies and scams," states the announcement.
The new rules will bring "brokers, agents, and cryptocurrency trading platforms" within the regulatory scope, aiming to curb fraud while supporting "legitimate innovation." Companies offering services to British clients will need to adhere to clear standards of "transparency, consumer protection, and operational resilience," similar to those required in the traditional financial sector.#TrumptaxCuts
The UK is also discussing with the United States ways to encourage the responsible use of digital assets. Reeves mentioned talks 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," Reeves said. "Today's announcement sends a clear message: the UK is open for business, but closed to fraud, abuse, and instability.$BTC
