The United Kingdom is reportedly set to begin regulating cryptocurrencies starting in October 2027.<\/p>\n
The goal is to provide certainty for the industry and push away \u201cdodgy actors,\u201d Reuters reported<\/a> Sunday (Dec. 14), citing comments from the country\u2019s finance ministry.<\/p>\n The law, set to be introduced Monday (Dec. 15), is designed to extend the country\u2019s existing financial regulation to companies involved in the crypto space, the report said, adding that this puts the U.K. more in line with the United States than Europe in terms of regulating crypto.<\/p>\n A draft of the regulation has seen minor changes since its publication earlier in the year, according to the report.<\/p>\n The U.K. said it will work with the U.S. on the best approach to regulating digital assets through a \u201ctransatlantic taskforce<\/a>.\u201d<\/p>\n Finance minister Rachel Reeves<\/a> said the guidelines would offer \u201cclear rules of the road,\u201d bolster consumer protections and keep \u201cdodgy actors\u201d away from the crypto market, the report said.<\/p>\n Advertisement: Scroll to Continue<\/p>\n Natalie Lewis<\/a>, a partner at London-based law firm Travers Smith<\/a>, said in the report that she is hopeful the changes in the final legislation would be \u201cmore than minor,\u201d adding there are \u201cquite a few technical legal problems with the original draft.\u201d<\/p>\n Meanwhile, the U.K.\u2019s regulatory regime for crypto is taking shape, with the Financial Conduct Authority<\/a> working on rules for trading and market abuse, custody and issuance, and the Bank of England<\/a> last month unveiling proposed stablecoin<\/a> regulations, per the report.<\/p>\n In other crypto regulation news, banks<\/a> in the U.S. and other markets are making sure that they play a role in crafting crypto infrastructure in spite of policy gridlocks.<\/p>\n Global financial institutions have spent this year at work on stablecoins, tokenized deposits<\/a>, bitcoin exchange-traded funds and digital asset treasury solutions.<\/p>\n \u201cHowever, regulations<\/a> have failed to progress in step with the guidance needed for the success of many banks\u2019 announcements,\u201d PYMNTS wrote Dec. 8. \u201cFor example, the GENIUS Act<\/a> regulating stablecoins was enacted on July 18 but has yet to be implemented. Meanwhile, competing drafts of crypto markets regulations have yet to see a floor vote and remain in committee.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The United Kingdom is reportedly set to begin regulating cryptocurrencies starting in October 2027. The goal is to…\n","protected":false},"author":2,"featured_media":317329,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[15313,59,80,57,58,50,5292,11966,56,54,55,6242],"class_list":["post-317328","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-kingdom","tag-cryptocurrency","tag-gb","tag-government","tag-great-britain","tag-greatbritain","tag-news","tag-pymnts-news","tag-regulations","tag-uk","tag-united-kingdom","tag-unitedkingdom","tag-whats-hot"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/317328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=317328"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/317328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/317329"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=317328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=317328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=317328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}