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A spokesman for the relevant British departments said that the UK plans to start implementing the new digital currency regulatory framework in October 2027, explaining that the draft law has only undergone minor modifications since it was first released in early 2025.
On the other hand, Natalie Lewis, a partner at law firm Travers Smith, said she hopes the final version will go beyond these limited revisions, noting that the current draft has technical legal issues.
Finance Minister Rachel Reeves confirmed the new rules would provide a clear regulatory path, strengthen consumer protection and limit the practices of non-compliant parties.
The announcement was welcomed by the crypto industry, with Gemini UK head Daniel Slitzkin noting that regulatory clarity was long overdue for companies so that they can start preparing to comply with the new requirements.
The UK’s move is more in line with US than European approaches, especially given legislation such as the Genius Act, and London intends to work with Washington through a joint working group to establish best practices for regulating digital assets.
Within this framework, the Financial Conduct Authority (FCA) and the Bank of England continue to work on developing dedicated rules covering stablecoin trading, market abuse, custody, issuance and regulation, with the aim of completing these frameworks by the end of 2026.
Alpesh Patel, director of strategic partnerships at Cartex, believes the Bank of England’s proposals represent a considered response to international developments, calling on businesses to engage with the regulatory framework early and prepare now.
Despite these developments, regulators still warn of risks in the industry, stressing that investing in digital currencies carries high potential for losses.
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