UK government announces new legislation to regulate crypto-asset industry – JURIST
Finance Minister Rachel Reeves on Tuesday announced the UK’s plans to pass legislation to properly regulate crypto-assets.
As of August 2024, research released by the Financial Conduct Authority (FCA) estimated that 12 percent of the UK population, which comes up to approximately 7 million adults, own crypto-assets, signifying growing interest in the field. In place of a comprehensive regulatory framework, the FCA currently handles crypto-asset businesses under the Money Laundering Regulations (MLRs) to eradicate financial crime.
Under the new rules, crypto exchanges and prominent dealers are expected to operate within the new regulations, in a bid to encourage innovation while curbing the harmful actions of bad actors. Reeves has also…
