Britain will bring crypto exchanges and dealers under compulsory regulation for the first time after finance minister Rachel Reeves on Tuesday announced new draft laws to regulate the crypto-asset industry.
“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 ministry said in a statement following Reeves’ announcement.
“Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience,” it added.
Britain’s finance ministry said around 12% of British adults own or have owned crypto currencies such as bitcoin or ethereum, up from 4% in 2021.
Reeves said she had discussed crypto regulation with U.S. Treasury Secretary Scott Bessent during a visit to Washington last week and that the two countries planned to discuss crypto regulation further in June.
Reeves also said she would set out broader plans for boosting the growth and competitiveness of Britain’s financial services industry on July 15, the culmination of a consultation process which began in November.
“Financial services is one of the key growth-driving sectors in the UK for modern industrial strategy,” Reeves said in a speech at the IFGS fintech conference in London.
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