HM Treasury has announced new rules for cryptoassets, designed to support innovation and protect consumers. The announcement comes as discussions with the United States continue to promote responsible growth of digital assets and drive economic growth through the Plan for Change.
According to a press release, HM Treasury has introduced draft legislation aimed at regulating cryptoassets. This legislation seeks to provide clearer rules for firms offering services such as Bitcoin and Ethereum. The changes are intended to boost investor confidence and protect consumers by bringing crypto exchanges, dealers, and agents under a regulatory framework that ensures transparency and operational resilience. The rules will address consumer protection concerns and aim to crack down on fraudulent activity while supporting legitimate innovation in the crypto space. This legislative effort is part of the UK's broader strategy to drive growth in digital assets and align with the Plan for Change to promote financial sector innovation.
In addition, discussions between the UK and the US will continue through the UK-US Financial Regulatory Working Group. These talks aim to support responsible digital asset growth, with potential collaboration on digital securities, including the creation of a transatlantic sandbox. According to a press release, the government plans to publish its first Financial Services Growth and Competitiveness Strategy on July 15, prioritizing fintech and long-term sector growth. Final cryptoasset legislation will be introduced after industry engagement on the draft provisions, further solidifying the UK's commitment to being a global hub for digital asset technology.
"Through our Plan for Change, we are making Britain the best place in the world to innovate — and the safest place for consumers. Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK," said Rachel Reeves, Chancellor of the Exchequer.
HM Treasury is described as the UK government's finance ministry overseeing public spending, economic policy, and financial regulation to support long-term growth. It manages aspects such as tax systems, public sector pay, major infrastructure projects while aiming to boost economic stability, employment, and regional competitiveness. With offices in London, Darlington, Edinburgh, and Norwich, it also focuses on responsible use of taxpayer money, financial sector oversight, and improving access to financial services according to Gov.UK.