UK on the way to cryptocurrency regulation: draft new rules published
Date: 2025-05-01 Author: Oliver Abernathy Categories: IN WORLD
The published draft considers the principles of regulation of cryptocurrency exchanges, the issuance of stablecoins, as well as the rules for admitting market participants and disclosure requirements. This is a step towards systematization of the sector, which until now did not have a clear legislative basis in the country.
The project is based on the Financial Markets Act 2023, which expanded the powers of the British Treasury in relation to digital assets. Unlike the European Union, where the MiCA framework is already in place, the UK is just beginning to form its own regulatory system.
Finance Secretary Rachel Reeves emphasized that the initiative is aimed at strengthening the country's digital economy and attracting investment. She also noted the intention to cooperate with the United States to support the sustainable and responsible development of the cryptocurrency sector.
The public consultation of the draft will last until May 25. After that, the authorities plan to publish separate provisions concerning market violations and disclosure requirements.
According to Nick Price, a lawyer at Osborne Clarke, the proposed rules create a predictable and stable environment for market participants, and also strengthen consumer protection. He considers the document "clear and understandable", but emphasizes that it is not yet known whether these measures will contribute to increased competition and growth of the industry.
Simon Treacy, a representative of the law firm Linklaters, noted that the proposed rules define the list of assets and services subject to regulation. However, detailed instructions for companies will appear at a later stage.
Earlier, in December 2024, the British regulator FCA proposed to ban public offerings of crypto assets outside of specialized trading platforms, which also became part of the general approach to regulating the industry.
