The United Kingdom is preparing to bring digital currencies under the same legal framework that governs its financial industry.
Reports from Reuters, which quote the finance ministry, suggest that a new bill will be presented to Parliament to extend financial regulations to cryptocurrency businesses by late 2027.
The plan would require crypto firms to be supervised by the Financial Conduct Authority (FCA) by October 2027. This would make them subject to the same standards and responsibilities as other financial service providers operating in the country.
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Treasury head Rachel Reeves said that introducing clear guidelines for companies would promote investment and job creation, while ensuring stronger consumer protection and limiting the influence of dishonest operators in the market.
Economic Secretary Lucy Rigby told the Financial Times that introducing this law marks an important stage in the UK’s digital finance strategy. Rigby added:
The rules we are putting in place are going to be proportionate and fair.
She also noted that while the framework is being developed for the UK’s needs, collaboration with other markets could still be valuable. Rigby mentioned that exploring shared access and aligned regulations could benefit both the UK and its partners if such cooperation fits national interests.
The Australian Securities and Investments Commission (ASIC) recently introduced new exemptions that will make it simpler for companies to handle certain digital assets. What did the agency say? Read the full story.
