The United Kingdom intensifies its crypto game – with clear rules, daring reforms and global collaboration. At the British Fintech Week, the Treasury and Chancellor of the Echiquier, Rachel Reeves, introduced the rules of rules to regulate cryptocurrency, aimed at protecting people from scams and shady companies. Here is what the rules oblige?
Cryptographic companies are faced with stricter standards
Under these new rules, cryptographic platforms dealing with assets like Bitcoin and Ethereum will now fall into stricter regulations. This includes exchanges, dealers and agents, which will have to follow the same high standards as traditional finance.
This means that cryptographic platforms at the service of British customers must follow strict transparency, consumer protection and operational stability rules. This decision is part of the “change plan” of the United Kingdom, a strategy to develop financial services while reducing risks.
With the property of cryptography in the United Kingdom by tripling 4% in 2021 to 12% today, regulators say that it is time to intervene. Too many people have been exposed to risky platforms and scams. The new rules aim to stop this, by ensuring that users are better protected from the first day.
Meanwhile, Reeves said: the United Kingdom wants to be the best place to build in crypto, but the worst place for crooks.
The United Kingdom and the United States explore joint innovation
In addition to the new local rules, the United Kingdom is also associated in the United States through the United Kingdom’s regulatory working group. The two countries explore joint means to promote growth in safe cryptography.
An exciting idea on the table is a “transatlantic sandbox”, a shared test space for digital titles, as proposed by the SEC HESTER PIIRCE commissioner.
Great movements to come in July
Reeves confirmed that the United Kingdom would publish its first growth strategy for financial services on July 15, with Fintech appointed absolute priority.
The government also plans to finalize and deploy complete legislation of cryptography by the end of 2025 after more discussions with industry players.
