Following the USA, this time friendly Cryptocurrency steps are coming from the United Kingdom! "We want to be the World Leader in Cryptocurrencies"

The UK has presented a bill containing comprehensive regulations for the cryptocurrency sector to the public.

Finance Minister Rachel Reeves stated at a fintech event held in London that they are planning a "comprehensive regulatory regime" for digital assets. Reeves conveyed that this step aims to make the UK a "world leader" in digital assets.

With the new regulations, cryptocurrency exchanges, intermediaries, and representatives will come under supervision. The UK Treasury stated that this step will "prevent malicious actors while supporting legitimate innovation." Additionally, it was announced that cryptocurrency companies with customers in the UK will be subject to similar standards as traditional financial institutions in terms of transparency, consumer protection, and operational resilience.

Reeves stated that the UK aims to deepen regulatory cooperation with the US to promote the "responsible adoption" of digital assets. He expressed that "international cooperation is vital for the UK to be a world leader in digital assets."

Industry representatives claim that the Financial Conduct Authority (FCA), the financial regulator of the UK, is being overly restrictive in approving registration applications from crypto companies. The FCA acts as the responsible body for the registration processes of firms wishing to offer crypto services under the anti-money laundering framework.