The UK Treasury is formulating new regulations to oversee the cryptocurrency market

Jinse Finance reported that the UK Treasury is formulating relevant regulations requiring cryptocurrency companies to comply with a series of standards, with the Financial Conduct Authority (FCA) responsible for supervision. Cryptocurrencies will be regulated in a manner similar to other financial products under legislation that will take effect in 2027. UK government officials have been pushing for reforms in the crypto market. As cryptocurrencies become increasingly popular as investment and payment tools, the market has expanded rapidly. Since cryptocurrencies have not previously been subject to the same level of regulation as traditional financial products such as stocks and funds, consumers have often not enjoyed the same level of protection. The UK government stated that the new regulations will increase transparency in the crypto industry, enhance consumer confidence, and help more easily identify suspicious activities, implement sanctions, and hold companies accountable. (The Guardian)