LONDON: Britain’s government on Monday said UK laws on regulating cryptocurrency firms will come into force from 2027, with the “firm and proportionate” rules supporting the industry while protecting consumers.
Cryptocurrency companies will be “regulated by the Financial Conduct Authority (FCA) in the same way as other providers of financial products – including being subject to established transparency standards,” the finance ministry said in a statement.
The FCA has said that rules on a specific framework for cryptocurrencies would be published by 2026.
“Bringing crypto into the regulatory perimeter is a crucial step in securing the UK’s position as a world-leading financial centre in the digital age,” finance minister Rachel Reeves said in the statement.
“By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high-skilled jobs here in the UK.”
Reeves added that the legislation will hand millions of people “strong consumer protections” by “locking dodgy actors out of the UK market”.
The EU introduced similar legislation one year ago, while the US is progressively introducing its own rules regarding the regulation of cryptocurrencies.
The digital tokens, of which bitcoin is the biggest, have come under increasing scrutiny from regulators after a string of controversies in recent years, including high-profile collapses of exchanges.
A US court on Thursday sentenced cryptocurrency tycoon Do Kwon to 15 years in prison over fraud linked to his company’s failure, which wiped out US$40 billion of investors’ money and shook global crypto markets.
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