UK Treasury drawing up new rules to police cryptocurrency markets
PositiveWorld Affairs
- The UK Treasury is preparing new regulations to bring cryptocurrency markets under the oversight of the Financial Conduct Authority (FCA), with the aim of enhancing consumer protection. These regulations are set to be implemented by 2027, aligning cryptocurrencies with existing financial products.
- This move is significant for Chancellor Rachel Reeves and the Treasury as it seeks to establish a regulatory framework that addresses the growing concerns surrounding digital currencies and their impact on consumers. By doing so, the government aims to foster a safer financial environment.
- The introduction of these regulations reflects a broader trend of increasing scrutiny on financial markets, particularly in light of recent allegations of market manipulation and the need for transparency. As the government navigates fiscal challenges, the effectiveness of these regulations will be closely monitored amid ongoing debates about taxation and consumer spending.
— via World Pulse Now AI Editorial System