Source: Cointelegraph
Original: “UK Government Proposes Cryptocurrency Rules Against Fraud”

The UK Treasury and Chancellor of the Exchequer Rachel Reeves have proposed new cryptocurrency rules aimed at “supporting innovation while combating fraudsters.”

In a notice on April 29, the UK government announced draft rules for cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), which will require “crypto exchanges, dealers, and brokers” to comply with relevant regulations, as many residents are “exposed to high-risk companies and scams.” The notice mentioned discussions with U.S. government officials, including the proposed U.S.-UK cross-border sandbox initiative by SEC Commissioner Hester Peirce.

“Today’s announcement sends a clear signal: the UK welcomes business but closes the door on fraud, abuse, and instability,” the notice stated. “The government will present final cryptocurrency legislation as soon as possible after engaging with the industry on the draft provisions.”

Related: Make way for the talent revolution—cryptocurrency is driving change

This is an evolving story, and updates will be added as they become available.

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