The United Kingdom has published draft legislation for regulating the cryptocurrency industry, and points to strong collaboration with the United States.
British Finance Minister Rachel Reeves announced the plans at Innovate Finance’s annual fintech conference earlier in the week, stating it would be a “comprehensive regulatory regime for crypto assets".
She also noted that the proposed legislation would look to make the nation a “world leader in digital assets", and that the U.K. planned on deepening regulatory cooperation with the U.S. to boost the "responsible" adoption of digital assets.
“For the U.K. to be a world leader in digital assets, international cooperation is vital,” she told attendees at the summit.
Reeves met with her U.S. counterpart Scott Bessent last week to discuss trade, but has previously said that improving business with the European Union was “arguably even more important.”
A Treasury Department statement confirmed that the outlined rules would cover crypto exchanges, dealers and agents being regulated to help with “cracking down on bad actors while supporting legitimate innovation."
“Crypto firms with UK customers will also have to meet clear standards [for] transparency, consumer protection, and operational resilience — just like firms in traditional finance."
