The government of Britain has said that United Kingdom laws on regulating cryptocurrency firms will come into force from 2027.
The finance ministry announced the move this Monday, saying that cryptocurrency companies will be regulated by the Financial Conduct Authority (FCA) in the same way as other providers of financial products, including being subject to established transparency standards.
The FCA has also said that rules on a specific framework for cryptocurrencies would be published by 2026.
Britains’ finance minister Rachel Reeves said the enactment of the crypto laws is a crucial step in securing the UK’s position as a world leading financial centre in the digital age.
Reeves said that by giving crypto firms clear rules, they are providing the certainty they need to invest, innovate and create high skilled jobs in the UK.