UK Treasury drawing up new rules to police cryptocurrency markets
a day ago
- #cryptocurrency
- #regulation
- #fraud
- Cryptocurrencies will be regulated similarly to other financial products starting in 2027.
- The Treasury is drafting rules requiring crypto companies to meet FCA standards.
- New regulations aim to increase transparency, consumer confidence, and detect suspicious activity.
- Crypto companies must register with the FCA if they fall under UK money-laundering regulations.
- The UK government seeks to position the country as a leading financial center in the digital age.
- The cryptocurrency market has faced turbulence amid fears of an AI bubble.
- Investment scams, including fake cryptocurrency schemes, have surged by 55% in a year.
- A Chinese woman was convicted for a multibillion-pound Bitcoin fraud in the UK.
- UK authorities seized 61,000 bitcoins worth over £5bn in the case.
- Plans are underway to ban political donations made with cryptocurrency due to transparency concerns.
- Reform UK became the first party to accept cryptocurrency donations, receiving £9m from a Thailand-based investor.