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Great Britain will exempt transmitters abroad abroad from complying with its new cryptocurrency rules, while ministers undertake to be deepened with the United States in the regulation of the global market emerge from digital assets.
The proposals, stated by British Chancellor Rachel Reeves on Tuesday, are part of the first attempt by Briton to write rules for cryptographic assets and highlight the country’s attempts to forge a technological partnership with the United States.
Reeves discussed closer technological cooperation with the US Treasury Secretary Scott Bessent in Washington last week, as well as measures to conclude a wider trade agreement, intended to reduce prices. “Translections are continuing,” said a British official.
The new rules of British cryptography will cover exchanges and brokers, market practices such as loans and new powers of application of the law for the Financial Conduct Authority, the main financial regulator of the United Kingdom, said the Treasury in a political document.
Great Britain’s push to regulate cryptographic assets was carried out by a new impetus by the commitment of the American president Donald Trump to put an end to a regulatory repression and to provide a more favorable approach to the industry that would make America “the world capital of cryptography”.
In a speech at the World Summit of Finance Innovate in London, Reeves said on Tuesday that the “robust rules” around crypto “would strengthen the confidence of investors, would support the growth of fintechs and protect people through the United Kingdom”.
“Today’s announcement sends a clear signal: Great Britain is open to business, but closed to fraud, abuse and instability,” she added.
The Stablecoins, which have become one of the most active areas of the global cryptography markets, are supposed to maintain regular value against a sovereign currency such as the US dollar, but the tokens are outside the regulated banking system.
The British plans, which will be available for a public consultation for a month, will not force the transmitters abroad of Stablecoins who wish to sell to British investors to create a business in the country and obtain the authorization of regulators. Only issuers based in the United Kingdom would need British regulatory approval.
The large part of stablecoins available for purchase by British investors is issued by companies based in North and central America.
About $ 240 billion in stablecoins are in circulation, most of them emitted by the El Salvador attachment and the American circle.
American legislators should adopt stablecoin rules this year that will open the door to Big Wall Street and Silicon Valley Tech Tech to sell tokens to investors.
But the rules should stop forcing transmitters abroad abroad to settle in the United States if they want to sell tokens to American investors.
The planned regulations of the United Kingdom in stable contrast to the stricter EU approach, which entered into force in December.
Any company selling stable to EU investors must obtain authorization from European regulators.
Brussels also requires “important” stables to respect the difficult rules on liquidity and reserves.
An ally of Reeves said that the Chancellor and Bessent last week “talked about trade, but also the strengthening of the economic relationship of the United Kingdom beyond prices, including on technology and financial services”.
The person, referring to the regulatory plans for cryptography, added: “It is the first result.”
Reeves discussions with Bessent last week have covered “ideas on how we could allow greater collaboration on digital titles between the United Kingdom and the United States”, including a transatlantic “sandbox” which would allow start-ups to test new commercial ideas for digital titles in a lighter regulatory framework.
Lord Peter Mandelson, UK ambassador to Washington, puts pressure on a technical partnership in the United Kingdom and the United States to be agreed in parallel with any trade agreement to reduce prices on each side of the Atlantic.
Mandelson organized a digital active event last week at his residence to coincide with the visit of Reeves in Washington for the Spring Meetings of the IMF and the World Bank.
Nick Price, partner of the Osborne Clarke law firm in London, said that the British approach “seems more aligned to the United States, bringing cryptographic assets into the existing regulatory perimeter rather than developing tailor-made legislation for them”.
The UK cryptography sector is likely to accommodate government proposals. He was frustrated by the rejection of the FCA of nearly nine recent applications out of 10 of crypto providers to register as compliance with the rules for fighting money laundering.
Laura Navaratnam, head of British policy at the Crypto Council for Innovation, a sales organization, said that the announcement has marked “a big step for stablecoins and other cryptographic assets more generally in the United Kingdom”.
