UK Treasury to implement new cryptocurrency regulations by 2027
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UK Treasury to implement new cryptocurrency regulations by 2027
The UK Treasury announced it will implement new regulations in 2027, bringing the cryptocurrency market under the same regulatory framework as traditional financial products for the first time. Chancellor Rachel Reeves said the move is "a crucial step in ensuring the UK remains a world-leading financial center in the digital age." The new rules require cryptocurrency firms to register with the Financial Conduct Authority (FCA) and comply with transparency standards, aiming to increase industry transparency, strengthen consumer confidence, and combat suspicious activities. At the same time, the UK government also plans to ban the use of cryptocurrencies for political donations to address issues related to untraceable funding sources.
Navigating Web3 tides with focused insightsTechFlow, December 15 — According to The Guardian, the UK Treasury announced it will implement new regulations in 2027 to bring the cryptocurrency market under the same regulatory framework as traditional financial products. Chancellor Rachel Reeves stated the move is "a crucial step in ensuring the UK remains a world-leading financial center in the digital age." The new rules require cryptocurrency firms to register with the Financial Conduct Authority (FCA) and comply with transparency standards, aiming to increase industry transparency, strengthen consumer confidence, and combat suspicious activities. Meanwhile, the UK government also plans to ban the use of cryptocurrencies for political donations to address challenges related to tracing funding sources.
