London reveals cleaning crypto rules, eye regulatory connections with US

The government in the UK revealed a comprehensive draft law, aimed at regulating the exchange of cryptocurrency, dealers and agents.

Announced from Chancellor Treasury Rachel Reeves during the Big Sunday Fintech Sunday, Suggested rules The goal is to improve consumer protection, increase investor trust and promote innovation in the growing crypto industry.

Under the new frameCRIPTO companies operating in the UK will need to comply with strict standards on transparency, consumer protection and operational resistance, harmonization with regulatory expectations of traditional financial institutions.

This move comes in response to a quick increase in crypto adoption throughout UK, where about 12% of adults are engaged with mood, more than 4% in 2021. Years.

Legislation also expands its range to foreign companies in the United Kingdom, ensuring that any work directly or indirectly in the UK in the UK, and indirectly indirectly, in the UK also provides in the UK. Financial organ for implementation.

This includes operations such as a CRIPTO property trading platform, publishing stableCoin, guardianship and activities. ​

“This is a mass year for CRIPTO in the UK,” Keith Grose said, the boss of Great Britain on coinbazi, speech to CNBC. “FCA and the Bank of England this year hiring their crypto regulation regime … This is the year that the United Kingdom shows that it can lead from the front.”

USA and Cooperation of US and UK

Bids to deal with the global nature of digital property, the United Kingdom strengthens its international regulatory connections, especially with the United States. The Reeves Chancellor recently met with the American minor of SCOTT Bessent Treasury in Washington, DC, where they discussed cooperation on the regulation of the digital asset.

Discussions included proposals from American dishes Commissioner Hester Peirce For a transatlantic regulatory sand with the aim of enabling companies on both sides of the Atlantic to cooperate in accordance with digital securities solutions. ​

This transatlantic cooperation was set to continue through the working group for financial regulation in the UK, with the next meeting, which is scheduled to further explore the ways of supporting the responsible growth of digital assets.

An proactive approach to the UK government reflects its commitment to Brita Global Hub for Fintech and responsible innovations of digital funds.

‘PLAN to change’

The draft legislation is part of the Government’s wider “plan for the change of” agenda, which aims to launch growth and innovation in the UK financial services sector.

Grose said that there are two main obstacles in Great Britain must overcome that Cropto would be competitive: de-banking and regulation. “Fifty percent of crypt’s firms were rejected by a bank account in the UK or was equipped … You can’t build the future of the financial system here if we don’t have that level.”

The final cryptic legislation is expected to be introduced after consulting in the draft design industry, and the government plans to publish its first financial growth and competitiveness strategies in the amount of 15. July.

As in the UK positions at the forefront of digital regulation of property, this sense is known to be harmonized to balance consumer protection, ensuring that the crypto industry can succeed in a safe and well-regulated environment.