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Homepage > News > Finance > UK drafts rules for digital assets, aligns with US approach The United Kingdom Treasury published draft digital asset regulation and indicated that it plans to work with the United States to support innovation across the digital asset industry, Chancellor of the Exchequer Rachel Reeves said on April 29. “Through our Plan for Change, we are making Britain the best place in the world to innovate — and the safest place for consumers,” said Reeves in an April 29 statement. “Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK.” The U.K. Treasury’s comments came after Reeves recently met with U.S. Treasury Secretary Scott Bessent in Washington, D.C., where, according to reports, they discussed collaboration around digital assets regulation. The Chancellor also said that the U.K. and U.S. will use their upcoming joint ‘Financial Regulatory Working Group’ to “continue engagement to support the use and responsible growth of digital assets.” The U.K. Government’s plans to align with U.S. digital asset policy were revealed at a major summit in London to mark UK Fintech Week, where Reeves also announced that the Treasury had published draft legislation for regulating the industry. Under the new draft rules, digital asset exchanges, dealers and agents would be brought under the U.K.’s financial services regulatory regime, and digital asset firms with U.K. customers would have to meet clear standards on transparency, consumer protection and operational resilience—“just like firms in traditional finance,” said the Treasury. It added, “Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability.” Thus far, the U.K. has taken a more cautious wait-and-see approach to digital asset regulation, introducing piecemeal rules for the sector, including those related to financial promotions, banking, and property…

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Filed under: News - @ May 2, 2025 3:22 pm