News

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)

ChainCatcher News, according to a report by the FT, Lucy Rigby, the UK's Minister for City Affairs, stated that the UK is poised to "lead the world" in the field of cryptocurrency. The government is formulating landmark new regulations to bring crypto asset companies under a regulatory framework. Rigby emphasized: "We want the UK to be the destination of choice for crypto asset companies seeking to grow, and these new rules will provide the clarity and consistency that businesses need for long-term planning."