UK government sets out plans to regulate crypto

Wednesday 1st February, 2023

The government has revealed its plans to fully regulate crypto asset activities. This comes after UK’s commitment to becoming a global crypto hub announced in April 2022.

Under plans set out by the government today (1 February), it will seek to regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance.

As is common in emerging technology markets, the crypto sector continues to experience high levels of volatility and a number of recent failures have exposed the structural vulnerability of some business models in the sector. 

These proposals will place responsibility on crypto trading venues for defining the detailed content requirements for admission and disclosure documents – ensuring crypto exchanges have fair and robust standards.

Economic Secretary to the Treasury, Andrew Griffith said: “We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes cryptoasset technology.

“But we must also protect consumers who are embracing this new technology - ensuring robust, transparent, and fair standards.”