At the UK Fintech Week summit on Tuesday, British Chancellor of the Exchequer Rachel Reeves unveiled draft legislation to regulate cryptoasset services, aiming to enhance consumer protection and support innovation.

"Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter — cracking down on bad actors while supporting legitimate innovation. Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience — just like firms in traditional finance," an official statement shows.

The UK said that with 12% of adults now owning or having owned cryptoassets, up from 4% in 2021, the move seeks to protect consumers from scams while encouraging responsible growth. The UK is also engaging with the United States through the upcoming UK–US Financial Regulatory Working Group.