The UK intensifies the encryption game – with clear rules, bold reforms and global cooperation. At the Fintech Week Summit in the United Kingdom, Treasury Consultant and Consultant, Rachel Reeves, He presented a draft bases for the organization Cryptoassets, aims to protect people from fraud and shaded companies. This is the mandate of the rules?
The encryption companies face more strict standards
Under these new rules, coding platforms that deal with assets such as Bitcoin and Ethereum will be included under strict regulations. This includes exchanges, merchants and agents, who will be asked to follow the same high standards as traditional financing.
This means that encryption platforms that serve UK customers should follow strict transparency, consumer protection and operational stability rules. This step is part of the “Change Plan” in the United Kingdom, and it is a strategy to develop financial services while reducing risk.
With the UK’s encryption ownership in the UK three times from 4 % in 2021 to 12 % today, the organizers say the time has come to intervene. Many people have left two risky and fraud platforms. The new rules aim to stop this, while ensuring that users protect better than the first day.
Meanwhile, Reeves explained: The UK wants to be the best place to build on encryption, but the worst place for deceptions.
The United Kingdom and the United States explore joint innovation
In addition to the new local bases, the UK also cooperates with the United States through the UK’s financial organizational work group. The two countries explore common ways to enhance safe encryption growth.
One exciting idea on the table is “Sand Tall in Atlantic,” A joint test space for digital securities, as suggested by SEC Hester People Commissioner.
Large movements coming in July
Reeves confirmed that the UK will issue the first financial services growth strategy on July 15, with FinTch named a top priority.
The government also plans to finish the touches on full encryption legislation and put them off by the end of 2025 after more discussions with industrial players.
