Today the UK’s HM Treasury released its draft crypto legislation. A key aim is to ensure that entities that engage directly with UK consumers in relation to crypto-assets are regulated in the UK. But compared to some other regulatory regimes, HM Treasury wants to strike a balance between protecting consumers and also being an attractive venue for crypto activities. So certain crypto providers will fall outside the regulatory perimeter, including foreign stablecoin issuers, even if UK residents use their stablecoin.
Rachel Reeves, Chancellor of the Exchequer, said that the UK is collaborating with the United States to support the growth of digital assets in a joint working group. During a recent visit to the US, she discussed the topic with US Treasury Secretary Bessent. Beyond crypto, for digital securities the UK wants to embrace the proposal of SEC Commissioner Peirce who suggested that the UK’s Digital Securities Sandbox should include a transatlantic collaboration.
“Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK,” said Chancellor Reeves.
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