Britain follows US example, sets new regulations paving the way for cryptocurrencies
The UK will create mandatory regulations for cryptocurrencies, Finance Minister Rachel Reeves announced. The government signaled it would work closely with the United States on better access to digital assets.
The new bills would expand existing financial regulation for companies involved in cryptocurrencies, bringing Britain closer to the US and away from the European Union, which has built specific rules for the industry, experts said.
The first set of rules in Britain's draft law comes as US President Donald Trump has opened the way for cryptocurrencies and pledged to lift regulatory restrictions on the industry, alarming critics. European finance ministers have expressed concern that the US measures could affect the eurozone's monetary sovereignty and financial stability.
Reeves said he had discussed cryptocurrency regulations with U.S. Treasury Secretary Scott Bessent during a visit to Washington last week and that the two countries planned to discuss the matter further in June. “Under the new rules, cryptocurrency exchanges, traders and brokers will be brought into the regulatory perimeter,” the Treasury Department said in a statement following Reeves’ announcement.
"Cryptocurrency firms with clients in the UK will also have to meet clear standards on transparency, consumer protection and operational sustainability," the announcement added.
Around 12% of British adults own or have owned cryptocurrencies such as bitcoin or ethereum, up from 4% in 2021, the government said.
The Bank of England has long warned about the risks bitcoin poses to investors. However, the institution sees it as reasonable to create rules for stablecoins, or stable currencies, which seek to maintain a fixed value in relation to the US dollar or other assets.
The finance ministry said it aimed to finalise the new legislation by the end of the year. The rules are based on initial proposals made in 2023.
How has this month started for the major currencies? – Dollar, Franc and Pound recover!
The US dollar has recorded a slight recovery in value this month, as it was bought today compared to yesterday at 86.4 lekë and sold at 87.6 lekë according......
Innovation with DIVA 2025: 48 thousand lek deduction from the taxable base. Educational allowance for children under 18 years old
The Tax Administration announced the start of the implementation of the new DIVA 2025 declaration, in accordance with the Income Tax Law. Taxes announce......
Works at Vlora/Balluku International Airport: Deadlines will be respected, first flight on May 8th!
Deputy Prime Minister and Minister of Energy and Infrastructure, Belinda Balluku, inspected the works at the Vlora airport construction site today. Balluku......
Power outages "paralyze" the Iberian economy - Spanish and Portuguese companies calculate the costs after the situation normalizes
As factories, shops and hotels across Spain and Portugal gradually returned to normal after a massive power outage, business associations and companies......
Can the Euro Go Global? - With the Dollar "Floating," European Policymakers Have a Golden Opportunity
Europe's first reserve coin was the tetradrachm, which featured an owl. The symbol of wisdom was intended to inspire confidence in the rulers of ancient......
Natural disasters "flood" the economy - Damages could reach $145 billion in 2025
According to a new analysis from the Swiss Re Institute, global natural catastrophe insurance losses could reach $145 billion this year, largely driven by......
Sectoral Portal for Exports - Investment Council Requirements: Strategy against the Informal Economy
The Investment Council, a body established to improve the business climate with the aim of increasing investments in the country, has recently published its......
Albanian handicrafts from tradition to modernity - From the qelesh to filigree. Gonxhja: We have one of the treasures of heritage
Albanian handicrafts from tradition to modernity were reflected in Zanart, the fair where authentic Albanian products were demonstrated. The Minister of......
