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UK breakthrough: HERE is the draft of the new “crypto law”
By Davide Grammatica
In the UK, the process of establishing new crypto regulations has begun with the first draft bill presented by the government
Crypto in the UK
The British government has published a first draft bill to regulate the entire crypto sector, including exchanges, stablecoins, and any related activities.
The criteria for its development were consumer protection and safe innovation, a decisive step towards long-awaited regulation in the UK (which remains outside the scope of MiCA in Europe).
The UK Treasury has presented the preliminary documents for the new law, which also considers the management of CEXs and the issuance of stablecoins among the regulated crypto activities.
The regulatory perimeter is also clearly defined and will include the trading, issuance, and custody of digital assets. Responses to market abuse and transparency obligations are also outlined.
The operating standards aim to be precise, with the goal of protecting users and ensuring greater transparency for UK companies.
Regulation to protect innovation
Rachel Reeve, Minister of Finance, confirmed to the press that she wants to support innovation in the crypto sector, but with rules that can be effective against illegal activities.
“Companies with customers in the UK will have to comply with clear standards on transparency, consumer protection, and operational resilience,” Reeve said.
The draft also confirms the government’s commitment to creating new forms of international cooperation. Reeves also announced new talks with the US Treasury to “harmonize transatlantic rules.”
According to government data, 12% of British adults own cryptocurrencies, a sharp increase from 4% in 2021. According to Reeves, this trend justifies the need to accelerate regulation.
