The UK is strengthening its encryption game with clear rules, bold reforms and global cooperation. At the summit of the British Fintech, Rachel Reeves’ EXCHEquer Treasury Minister introduced a draft rules to regulate the decent release to protect people from fraud and shaded companies. The rules are obligations:
The encryption company faces a more stringent standard.
In accordance with these new rules, encryption platforms that deal with assets such as Bitcoin and Ethereum are now strict regulations. This includes exchanges, dealers and agents that need to follow the same high standard as traditional finance.
In other words, the encryption platform that provides services to British customers must follow strict transparency, consumer protection and operational stability. This measure is part of the UK’s “change plan”, which is a strategy to reduce risk as it grows financial services.
The UK’s encryption ownership says it is time to listen until it is tripled from 4%to 12%in 2021 today. Too many people have been exposed to dangerous platforms and fraud. The new rules aim to stop this and make it better protected from the first day.
Meanwhile, Reeves clearly revealed. Britain wants to be the best place for encryption, but it is the worst place for frauders.
The United Kingdom and the United States explore common innovation
In addition to the new local rules, the UK is also working with the United States through the UK-US Financial Regulatory Working Group. The two countries are seeking to promote safe encryption growth.
One of the interesting ideas of the table is the “Atlantic Sand Box”, a shared test space for digital oil prices proposed by the SEC commissioner.
Large movement in July
Reeves confirmed that the UK will announce its first financial service growth strategy on July 15 and FINTECH will select the top priority.
The government also plans to discuss more with industry athletes by the end of 2025 and then complete and launch a complete encryption bill.