The UK Treasury and Chancellor of the Exchequer, Rachel Reeves, have introduced new cryptocurrency regulations designed to "support innovation while cracking down on fraudsters."
On April 29, the UK government unveiled draft rules targeting cryptocurrencies such as Bitcoin and Ether.
These rules aim to align "crypto exchanges, dealers and agents" with regulations due to concerns that residents are "exposed to risky firms and scams."
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The announcement mentioned talks with US officials, including a proposal by Hester Peirce of the US Securities and Exchange Commission for a US-UK cross-border sandbox.
Both the Treasury and Reeves emphasized the UK's dedication to becoming a "global hub for digital asset technologies," building on the goals of the previous Conservative Party government.