The British government has published draft legislation that should better regulate the cryptomarkt. With the new rules, the United Kingdom wants to stimulate innovation, protect consumers and increase the trust of investors.
Clear rules for exchanges and providers
During a speech at the UK Fintech Week in London, Minister of Finance Rachel Reeves revealed that crypto-exchanges, trading platforms and agents will soon fall under clear and stricter regulations. Companies that offer crypto services to British customers must meet transparency requirements, consumer protection and demands on operational resilience, similar to the standards in the traditional financial sector.
According to the British government, in 2024 about 12 percent of the adult population, Crypto Paluta, a significant increase compared to the 4 percent in 2021. At the same time, consumers have often been exposed to risky companies and fraudulent practices in recent years. The new rules aim is to keep out bad actors from the sector and to support legitimate innovation.
Cooperation with the United States
Minister Reeves also announced that the United Kingdom and the United States will work more closely together to support the use and responsible growth of digital assets. During recent discussions in Washington between Reeves and the American Minister of Finance, Scott Bessent, there was talk about the possibilities for transatlantic cooperation in the field of digital effects, including a proposal for a joint ‘sandbox’ for digital securities.
The British government emphasizes that the country is “open to cases, but is closed to fraud, abuse and instability.” At the same time, they are preparing to present the first ‘Financial Services Growth and Competitiveness Strategy’ on July 15. This strategy must, among other things, further support the growth of the fintech sector.
According to the British government, the final legislation on cryptoassets will be submitted as soon as possible after consultation with the industry.
Source: https://newsbit.nl/verenigd-koninkrijk-onthult-nieuwe-cryptoregels-focus-op-groei-en-bescherming/
