Britain’s first crypto regulations to set ‘robust’ standards

LONDON, Feb 1 — Britain’s finance ministry plans “robust” regulations for crypto assets, following the collapse of crypto exchange FTX last year, which left millions of people nursing billions of dollars in losses.

The draft rules, to be published today, would ensure robust, transparent, and fair standards, consistent with the approach to traditional finance, Financial Services Minister Andrew Griffith said in a statement yesterday. The new rules come after rising interest rates led to a string of bankruptcies in the sector in 2022, wiping US$1.4 trillion off the value of the crypto market. The price of bitcoin, the most widely traded, plunged 60 per cent.

There will be a three-month public consultation on the new plans, followed by proposals for detailed rules from the FCA.“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,” the ministry said.

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