UK Government Proposes Draft Laws to Regulate Crypto Industry

The British government has unveiled a 27-page draft legislation aimed at bringing cryptocurrencies under existing financial regulations. This move aligns the UK’s approach with the United States, marking a clear departure from European regulatory methods. Financial Minister Rachel Reeves emphasized that these rules represent Britain’s first foray into compulsory crypto regulation.

Meanwhile, political shifts across the Atlantic suggest a different trajectory. A potential Trump administration appears poised to introduce libertarian-inspired deregulation, while the European Union maintains its opposition to American-style crypto policies. The draft legislation specifically requires certain cryptocurrency activities to obtain approval from financial authorities, signaling increased oversight for the industry.