The UK government has released consultation documents on the crypto industry bill that provides a regulatory environment for activities such as crypto transactions and issuance of stubcoin, market abuse, admissions and disclosure regimes.
The proposed rules were built on the Financial Services and Markets Act, which passed the law in 2023 and gave the Treasury Department the Treasury Department to create new rules for the crypto sector. The UK is lagging behind the European Union, and last year the industry-specific markets in crypto assets (MICA) law kicked.
It also follows the US, when President Donald Trump’s administration relaxed cryptographic regulations and the Securities and Exchange Commission stopped litigating against more than 12 crypto companies.
Speaking at the Global Summit on Innovation Finance, Finance Minister Rachel Reeves said the new rules are to support the country’s economic growth targets. The legislation is planned this year, and “the UK is intended to be the perfect place for digital asset companies to invest and innovate,” Reeves said.
She also said the UK will work with the US to “support digital assets use and responsible growth.”
The Treasury will receive technical comments on these draft rules by May 25th and will publish rules regarding market abuse, admissions and disclosure regimes, a post on the government’s website states.
Read more: UK regulators plan to begin approval of crypto companies in 2026
Update (April 29, 16:30 UTC): Add content to the first paragraph.