Chancellor Rachel Reeves last week unveiled draft legislation for a landmark bill that will define the regulatory landscape for cryptoassets in the UK.
The upcoming crypto bill has been long requested by the industry as businesses seek clarity for approved practices and regulators seek better ways to protect consumers from high-risk investments and scams.
The final bill, set to be introduced to parliament at an unknown date, is not yet complete, with the Treasury taking views from the industry first. However, the draft is the biggest indicator yet of what a regulated cryptoasset industry in the UK will look like.
So, what can the industry expect from the crypto bill?
Difficult to define
One of the reasons it has been so hard for watchdogs to monitor the industry within existing financial regulation is the term ‘cryptoasset’ itself can be subject to interpretation. …
