Romain Costaseca | AFP | Getty images
London-Great Britain published the cryptocurrency industry bill on Tuesday, praising greater collaboration with the United States while seeking to regulate the wild world of digital assets.
Speaking on Tuesday at a Fintech event, British Minister Rachel Reeves announced plans for a “full regulatory regime for cryptographic assets”, adding that proposals would aim to make the country a “world leader in digital assets”.
The rules will introduce crypto exchanges, dealers and agents in the regulatory fold, “reducing bad players while supporting legitimate innovation,” the British Treasury department said in a statement published following Reeves remarks.
“Cryptographic companies with British customers will also have to comply with clear standards on transparency, consumer protection and operational resilience – just like companies in traditional finance,” added the Treasury Declaration.
Reeves said the United Kingdom was planning to deepen regulatory cooperation with the United States to stimulate “responsible” adoption of digital assets. “For the United Kingdom to be a world leader in digital assets, international cooperation is vital,” she told participants at the annual Fintech Industry Group Innovate Finance summit.
The British Finance Minister met her American counterpart Scott Bessent last week to discuss a trade agreement. She had previously declared that improving business links with the European Union was “probably even more important”.
“The regulations must support activities, do not hold it,” said Reeves on Thursday.
The initiates of the cryptographic industry claim that the Financial Conduct Authority – which is the guard dog for the financial services of the United Kingdom – has been too restrictive when it comes to approving the recordings of digital asset companies.
The FCA is the regulator responsible for the registration of companies wishing to provide Crypto services in the context of money laundering regulations in the United Kingdom
