British government proposes crypto rules: response to fraud
The British Ministry of Finance and Finance Minister Rachel Reeves have proposed new crypto rules to “promote innovations and at the same time to act against fraudsters”.
In a message from April 29 quit The British government is a draft of regulations for cryptocurrencies, including Bitcoin (BTC) and ether (ETH), who would bring “crypto bonds, dealers and agents” into harmony with the regulations, since many residents were confronted with “risky companies and fraud”. She told about discussions with US government officials, with Hester Peirce from the US Securities and Exchange Commission (Sec) cross -border sandbox proposed between the United States and Great Britain.
“Today's announcement sends a clear signal: Great Britain is open to business – but closed for fraud, abuse and instability,” says the message. “The government will present the final cryptoasset legislation at the nearest opportunity after it has exchanged information with the industry.”
The Ministry of Finance and Reeves said that the United Kingdom endeavors to make the country a “global hub for digital asset technologies”, which also coincides with the goals of the previous government under the conservative party. A consultation paper from the Ministry of Finance from 2023 suggested that “a wide range of crypto-asset activities”, including the Trade and the output of stable coinsto integrate into the British regulations.
Praise from industry
In a statement, Ian Silvera, deputy director of the self -regulating industry association Cryptouk, described the government's announcement as a “very welcome and great victory” for crypto companies. However, he added that the industry could also benefit from regulatory clarity via Liquid Staking and Defi.
“Although there was good regulatory progress on the part of the (Financial Conduct Authority) that published its crypto roadmap at the end of last year, the British government promised to become a global crypto hub in 2022,” said Silvera. “Since then, progress has been slow, but as the minister has recognized, the industry has continued to establish itself, so that 12 % of all adult British now have any kind of cryptocurrency, compared to 4 % in 2021.”
The FCA plans, eventually final rules for cryptocurrencies in 2026 publish And thus to lay the foundation for the introduction of the British regulatory system. The timetable for more regulatory clarity in the United Kingdom could follow the framework of the European Union, which in December with the implementation of its framework for markets for crypto assets (mica) started.
