The United Kingdom is poised to usher in a new era of comprehensive cryptocurrency regulation, with a full framework set to take effect in October 2027. This landmark move, announced by the UK Treasury on Monday and reported by Reuters, aims to provide much-needed clarity for the burgeoning digital asset industry while actively safeguarding the market from illicit activities and bad actors.
Later today, the UK government will present a draft bill to Parliament. Notably, the UK is taking a distinct approach compared to the European Union. Instead of crafting an entirely new, bespoke regulatory framework for the crypto sector, London plans to extend its existing robust financial regulations to encompass cryptocurrency companies. This strategy underscores a commitment to integrating digital assets within established financial oversight mechanisms.
A Treasury spokesperson confirmed that the draft crypto regulation has undergone only minor adjustments since its initial publication earlier this year, indicating a consistent policy direction.
Globally, interest in crypto assets has seen a significant resurgence in recent years. This renewed enthusiasm has been particularly fueled by signals from major economies, including the United States, where former President Donald Trump’s administration has publicly indicated a relatively favorable stance towards the crypto industry, further intensifying market discussions.
The U.S. is currently perceived as one of the major economies with a more open and accommodating attitude towards the crypto industry. In contrast, the UK has historically adopted a more conservative regulatory posture. Meanwhile, the European Union has already established a comprehensive and detailed industry framework through its Markets in Crypto-Assets (MiCA) regulation, setting a precedent for dedicated crypto legislation.
In a move to foster international collaboration, the UK government has also committed to working with the United States through a “Transatlantic Working Group.” This initiative will facilitate joint discussions and coordination on the future regulatory direction for digital assets, highlighting a shared interest in global standards.
Chancellor of the Exchequer, Rachel Reeves, emphasized that the core objective of these new regulations is to establish “clear rules” for the market. This dual focus aims to enhance consumer protection significantly while simultaneously ensuring that “illicit actors” are effectively excluded from participating in the UK’s crypto ecosystem.
However, the market’s reception isn’t without its caveats. Natalie Lewis, a partner at the London law firm Travers Smith, expressed a desire for the final legislative amendments to be “more than just minor adjustments.” She noted that the original draft still contains “quite a few technical legal issues” that warrant further clarification and refinement to ensure effective implementation.
The UK’s crypto regulatory framework is rapidly taking shape. The Financial Conduct Authority (FCA) is actively developing specific rules for critical areas such as crypto trading, market abuse, custody services, and the issuance of digital assets. Concurrently, the Bank of England (BoE), the nation’s central bank, unveiled its proposals last month for regulating stablecoins intended for everyday payments, addressing a key aspect of digital currency utility.
Both the Bank of England and the FCA have pledged to finalize these detailed crypto regulatory rules by the end of 2026, meticulously paving the way for the official launch of the comprehensive framework in October 2027.
當年「黃金賣太早」淪笑柄！英國現在又想「拋售比特幣」，會不會再錯一次？
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