The United Kingdom’s Treasury, led by Chancellor of the Exchequer Rachel Reeves, has unveiled proposed regulations for cryptocurrencies aimed at increasing consumer protection amid rising scams and bad actors. This initiative comes as a response to the growing ownership of cryptocurrencies among UK residents, who are increasingly vulnerable to fraudulent schemes. The draft rules are designed to regulate crypto exchanges, dealers, and agents, ensuring they align with existing financial regulations. The UK government emphasized that while it aims to foster a business-friendly environment, it remains committed to combating fraud and financial instability. The proposed legislation will be further developed following consultations with industry stakeholders, with the government urging prompt implementation of the final rules. This announcement underscores the UK’s intent to engage with global discussions, drawing on insights from entities like the U.S. Securities and Exchange Commission as it seeks to establish a safer infrastructure for crypto transactions in the country.

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