UK Government Reveals Draft Crypto Laws in Effort to Drive Growth, Protect Investors
The post UK Government Reveals Draft Crypto Laws in Effort to Drive Growth, Protect Investors appeared on BitcoinEthereumNews.com. In brief The UK shared new draft legislation for crypto industry rules and regulations. The rules aim to promote investor confidence while protecting consumers. Around 12% of UK citizens owned cryptocurrency as of August 2024. Newly published draft legislation from the UK government aims to create clear, new crypto laws to give investors confidence while protecting them in the process. A 27-page draft document of Order 2025 of the Financial Services and Market Act 2000 and an accompanying policy explainer highlights new definitions for crypto assets like stablecoins, while bringing acts like custodying crypto assets and operating crypto exchanges into the regulatory fold. “Through our Plan for Change, we are making Britain the best place in the world to innovate—and the safest place for consumers,” said UK Chancellor of the Exchequer Rachel Reeves, in a statement. “Robust rules around crypto will boost investor confidence, support the growth of fintech, and protect people across the UK.” The draft, which was published to assess any oversights or errors, seeks to amend select orders of the Financial Services and Market Act, including Order 2001, which outlines regulated activities. Amendments to the Regulated Activities Order (RAO) seek to define qualifying stablecoins and crypto assets, classify them as specified investments, and regulate certain activities related to the assets. “Under the new rules, crypto exchanges, dealers, and agents will be brought into the regulatory perimeter—cracking down on bad actors while supporting legitimate innovation,” the statement from His Majesty’s Treasury and Reeves reads. “Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience—just like firms in traditional finance,” it adds. The latest draft legislation comes after discussions between Reeves and U.S. Treasury Secretary Scott Bessent, where the pair discussed “greater collaboration on digital securities between the UK…
The post UK Government Reveals Draft Crypto Laws in Effort to Drive Growth, Protect Investors appeared on BitcoinEthereumNews.com.
In brief The UK shared new draft legislation for crypto industry rules and regulations. The rules aim to promote investor confidence while protecting consumers. Around 12% of UK citizens owned cryptocurrency as of August 2024. Newly published draft legislation from the UK government aims to create clear, new crypto laws to give investors confidence while protecting them in the process. A 27-page draft document of Order 2025 of the Financial Services and Market Act 2000 and an accompanying policy explainer highlights new definitions for crypto assets like stablecoins, while bringing acts like custodying crypto assets and operating crypto exchanges into the regulatory fold. “Through our Plan for Change, we are making Britain the best place in the world to innovate—and the safest place for consumers,” said UK Chancellor of the Exchequer Rachel Reeves, in a statement. “Robust rules around crypto will boost investor confidence, support the growth of fintech, and protect people across the UK.” The draft, which was published to assess any oversights or errors, seeks to amend select orders of the Financial Services and Market Act, including Order 2001, which outlines regulated activities. Amendments to the Regulated Activities Order (RAO) seek to define qualifying stablecoins and crypto assets, classify them as specified investments, and regulate certain activities related to the assets. “Under the new rules, crypto exchanges, dealers, and agents will be brought into the regulatory perimeter—cracking down on bad actors while supporting legitimate innovation,” the statement from His Majesty’s Treasury and Reeves reads. “Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience—just like firms in traditional finance,” it adds. The latest draft legislation comes after discussions between Reeves and U.S. Treasury Secretary Scott Bessent, where the pair discussed “greater collaboration on digital securities between the UK…
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