UK Treasury drawing up new rules to police cryptocurrency markets

AI Summary
The UK Treasury is developing new regulations to govern cryptocurrency markets, aiming to bring them under similar oversight as traditional financial products by 2027. These rules, overseen by the Financial Conduct Authority (FCA), will require crypto firms to meet transparency standards and register with the FCA, boosting consumer confidence and combating illicit activity. The government aims to position the UK as a leading financial center in the digital age by providing clear guidelines for crypto companies to invest and innovate. This move comes amid concerns about cryptocurrency-related investment scams and high-profile fraud cases, seeking to protect consumers and hold companies accountable. The new framework aims to provide clarity and consistency for crypto asset firms operating in the UK.
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