Firms offering services for cryptoassets like Bitcoin and
Ethereum will be subject to clear new rules, boosting investor
confidence and driving growth through the Plan for
Change.
At a major summit in London to mark UK Fintech Week, the
Chancellor revealed that the UK has published draft legislation
for regulating cryptoassets – better protecting millions of
people across Britain.
Around 12% of UK adults now own or have owned crypto, up from
just 4% in 2021. But too often, consumers have been left exposed
to risky firms and scams.
Under the new rules, crypto exchanges, dealers and agents will be
brought into the regulatory perimeter — cracking down on bad
actors while supporting legitimate innovation. Crypto firms
with UK customers will also have to meet clear standards on
transparency, consumer protection, and operational resilience —
just like firms in traditional finance.
The Chancellor also revealed that the UK and US will use the
upcoming UK – U.S. Financial Regulatory Working Group to continue
engagement to support the use and responsible growth of digital
assets.
This follows discussions in Washington between the Chancellor and
the US Treasury Secretary, Scott Bessent, where they also
discussed opportunities to support businesses to innovate on both
sides of the Atlantic. This includes looking at ideas for how we
could allow for greater collaboration on digital securities
between the UK and US, including the proposals put forward by SEC
Commissioner Hester Peirce for a transatlantic sandbox for
digital securities.
, Chancellor of the Exchequer,
said:
“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.”
Today's announcement sends a clear signal: Britain is open for
business — but closed to fraud, abuse, and
instability.
The Chancellor also announced that the government will publish
the first-ever Financial Services Growth and Competitiveness
Strategy on 15 July, alongside her Mansion House speech. This
will support the financial services sector's long term growth,
with Fintech identified as a priority sector, and help it finance
investment and growth across the UK.
The government will bring forward final cryptoasset legislation
at the earliest opportunity, following engagement on the draft
provisions with industry.
Notes to editors
- The UK's Financial Conduct Authority (FCA) consumer research
found that around 12% of UK adults owned crypto in 2024, up from
4% in 2021.
- The 2023 Treasury consultation proposed bringing a wide range
of cryptoasset activities — including exchanges and custody
services — within the UK's financial services regulatory
perimeter.
- The government remains committed to making the UK a global
hub for digital asset technologies, aligned with the Plan for
Change to drive growth, innovation and security.
- The draft legislation and accompanying policy explainer can
be found here.
