Britain’s government has announced that new laws regulating cryptocurrency firms will come into force from 2027, promising “firm and proportionate” rules designed to support the industry while protecting consumers.
The finance ministry said crypto companies will be regulated by the Financial Conduct Authority (FCA) in the same way as other providers of financial products, including being subject to established transparency standards.
The FCA confirmed that a specific framework for cryptocurrencies will be published by 2026.
Finance minister Rachel Reeves described the move as a crucial step in securing the UK’s position as a global financial hub. “By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high-skilled jobs here in the UK,” she said.
Reeves added that the legislation would provide “strong consumer protections” by “locking dodgy actors out of the UK market.”
The European Union introduced similar legislation last year, while the United States is progressively rolling out its own rules.
Cryptocurrencies, led by bitcoin, have faced mounting scrutiny after a series of scandals and exchange collapses.
Just last week, a US court sentenced crypto tycoon Do Kwon to 15 years in prison over fraud linked to his company’s collapse, which wiped out $40 billions of investors’ money and shook global markets.
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