The UK is stepping up its crypto game — with clear rules, bold reforms, and global collaboration. At the UK Fintech Week summit, the Treasury and Chancellor of the Exchequer, Rachel Reeves, have introduced draft rules to regulate cryptoassets, aiming to protect people from scams and shady firms. Here’s what the rules mandate?
Crypto Firms Face Stricter Standards
Under these new rules, crypto platforms dealing with assets like Bitcoin and Ethereum will now fall under stricter regulations. This includes exchanges, dealers, and agents, who will be required to follow the same high standards as traditional finance.
That means crypto platforms serving UK customers must follow strict transparency, consumer protection, and operational stability rules. The move is part of the UK’s “Plan for Change,” a strategy to grow financial services while reducing risk.
With crypto ownership in the UK tripling from 4% in 2021 to 12% today, regulators say it’s time to step in