Crypto regulations for growth: New Cryptoasset Regulations to Boost Investor Confidence and Drive Growth
The UK government has published draft legislation for regulating cryptoassets, aiming to protect consumers and drive growth in the fintech sector. The new rules will bring crypto exchanges, dealers, and agents under the regulatory perimeter, ensuring they meet clear standards on transparency, consumer protection, and operational resilience.
Growing Demand for Cryptoassets
The decision to regulate cryptoassets comes as demand for these assets continues to grow in the UK. Around 12% of UK adults now own or have owned crypto, up from just 4% in 2021. However, consumers have often been left exposed to risky firms and scams, highlighting the need for robust regulations.
Key Features of the New Regulations
Under the new rules, crypto firms with UK customers will be required to meet clear standards on transparency, consumer protection, and operational resilience. This will help to:
Still on Crypto regulations for growth
1. Protect consumers from scams and risky firms
2. Support legitimate innovation in the fintech sector
3. Boost investor confidence in cryptoassets
International Cooperation
The UK government is also working with international partners to support the responsible growth of digital assets. The Chancellor of the Exchequer, Rachel Reeves, has discussed opportunities for collaboration with the US Treasury Secretary, including ideas for a transatlantic sandbox for digital securities.
Future Plans
The government plans to bring forward final cryptoasset legislation at the earliest opportunity, following engagement with industry on the draft provisions. Additionally, the Chancellor will publish the first-ever Financial Services Growth and Competitiveness Strategy on July 15, which will support the long-term growth of the financial services sector and prioritize fintech as a key area of focus.
Quotes from the Chancellor
Rachel Reeves, Chancellor of the Exchequer, said: “Through our Plan for Change, we are making Britain the best place in the world to innovate — and the safest place for consumers. Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK.” She added that the announcement sends a clear signal that “Britain is open for business — but closed to fraud, abuse, and instability.”
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