The UK government confirmed plans to regulate cryptoasset activities more strictly, bringing them under the same regime as traditional financial services. From a report: The government intends to proceed with legislation in 2024 to implement the changes, according to a Treasury announcement on Monday, responding to a consultation it launched earlier this year. The plans include a mandate for crypto exchanges to write detailed requirements on admission standards and disclosures for token issuers when listing new assets. This could include information about a token's underlying code, known vulnerabilities and risks.
The UK's push to regulate crypto is part of a wider effort by Prime Minister Rishi Sunak to attract more digital-asset businesses and investment to the country, while at the same time protecting consumers. Crypto firms have long complained that a lack of clear rules has made it hard for them to operate in the UK. "We must make the UK a place where cryptoasset firms have the clarity needed to invest and innovate, and where customers have the protections necessary for confidently using these technologies," said City Minister Andrew Griffith. "The UK is the obvious choice for starting and scaling a cryptoasset business."