UK Aims to Safeguard Crypto Users with New Regulations

The UK government has unveiled new regulations for cryptocurrency markets to enhance consumer protection while fostering innovation. Chancellor of the Exchequer Rachel Reeves outlined these proposed rules in an April 29 announcement, aiming to curb scams and fraudulent activities within the crypto space. These regulations will apply to exchange platforms, brokers, and agents, bringing them into line with existing financial standards. The UK government’s move follows discussions with US regulators, including a potential cross-border sandbox initiative from SEC Chair Hester Peirce.