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UK Government Targets Exchanges and Stablecoins With New Draft Crypto Rules
The statutory instruments will see the creation of new regulated activities such as operating a cryptoasset trading exchange and stablecoin issuance.
What to know:
- The U.K. government released consultation papers on crypto legislation on Tuesday.
- It sees the creation of new regulated activities, such as operating a crypto exchange and stablecoin issuance.
The U.K. government released consultation papers on draft legislation for the crypto industry that will provide a regulatory environment for activities such as cryptoasset trading exchanges and stablecoin issuance as well as covering market abuse, admissions and disclosures regimes.
The proposed rules build on the Financial Services and Markets Act that passed into law in 2023 and gave the Treasury power to create new rules for the crypto sector. The U.K. is lagging behind the European Union, whose industry-specific Markets in Crypto Assets (MiCA) legislation kicked in last year.
STORY CONTINUES BELOW
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It's also following the U.S., where President Donald Trump's administration has eased crypto regulation and the Securities and Exchange Commission has dropped lawsuits against more than a dozen crypto companies.
Finance Minister Rachel Reeves, speaking at Innovate Finance's Global Summit, said the new rules were about supporting the country's economic growth objective. The legislation is planned for this year and intended to make "the U.K. a great place for digital asset companies to invest and innovate," Reeves said.
She also said the U.K. would work with the U.S. to "support the use and responsible growth of digital assets."
The Treasury is open to receive technical comments on these draft rules by May 25 and it intends to publish rules for the market abuse, admissions and disclosures regimes in due course, a posting on the government website said.
Read more: UK Regulator Intends to Start Authorizing Crypto Firms in 2026
UPDATE (April 29, 16:30 UTC): Adds content in first paragraph, EU in second, industry comment timetable in final paragraph
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
