- Erase new rules to give investors confidence and protect consumers
- The Chancellor also reveals discussions with us on supporting use and responsible growth in digital assets, while the government works in national interest to stimulate growth thanks to change
Companies offering cryptocurrency services like Bitcoin and Ethereum will be subject to new clear rules, strengthening the confidence of investors and stimulating growth thanks to the change plan.
At a major summit in London to mark British week Fintech, the chancellor revealed that the United Kingdom had published a legislation project to regulate cryptocurrency-better protecting millions of people through Great Britain.
About 12% of British adults now have or have cryptography, compared to only 4% in 2021. But too often consumers were exposed to risky companies and scams.
Under new rules, crypto exchanges, dealers and agents will be introduced in the regulatory perimeter – repressing bad players while supporting legitimate innovation. Cryptographic companies with British customers will also have to comply with clear standards on transparency, consumer protection and operational resilience – as well as companies in traditional finance.
The Chancellor also revealed that the United Kingdom and the United States will use the next working regulation of the United Kingdom financial regulations to continue commitment to support the use and responsible growth of digital assets.
This follows discussions in Washington between the Chancellor and the US Treasury Secretary, Scott Bessent, where they also discussed opportunities to help companies innovate on both sides of the Atlantic. This includes the search for ideas on how we could allow greater collaboration on digital titles between the United Kingdom and the United States, including the proposals put forward by the SEC Commissioner, Hester Peirce, for a transatlantic sandbox for digital titles.
Rachel Reeves, Chancellor of the chessboard, said:
Thanks to our change plan, we make Great Britain the best place in the world to innovate – and the safest place for consumers. Robust rules concerning crypto will strengthen investor confidence, will support the growth of fintechs and protect people across the United Kingdom.
Today’s announcement sends a clear signal: Great Britain is open to business – but closed to fraud, abuse and instability.
The Chancellor also announced that the government would publish the very first strategy of growth and competitiveness of financial services on July 15, in parallel with her speech of Mansion House. This will support the long-term growth in the financial services sector, with a fintech identified as a priority sector, and help to finance investments and growth across the United Kingdom.
The Government will present the final crypto-tassets legislation in the first opportunity, following the commitment on the project of provisions with the industry.
More information
- Research on consumers of the Financial Conduct Authority (FCA) of the United Kingdom revealed that around 12% of British adults had a crypto in 2024, compared to 4% in 2021.
- The Treasury 2023 consultation proposed to provide a wide range of crypto -supporting activities – including exchanges and childcare services – within the regulatory perimeter of the United Kingdom’s financial services.
- The government remains determined to make the United Kingdom a world center for digital asset technologies, aligned in terms of change to stimulate growth, innovation and security.
- Read the project of legislation and policy explanator that accompanies it.
