UK to Regulate Cryptoassets from October 2027; Draft Legislation Published Monday Brings Exchanges and Custodians into Licensing Regime
The UK government published draft legislation on Monday, Oct. 19, to bring cryptoasset activities fully within a regulatory framework similar to traditional finance, with the regime scheduled to start in October 2027. Under the proposals, crypto exchanges, custodians and brokers would need authorisation from the Financial Conduct Authority (FCA) and would be subject to anti-money-laundering, client-asset protection and market-conduct requirements. The Treasury said the rules aim to give the fast-growing market regulatory clarity, protect consumers and support responsible innovation. UK crypto firms are currently registered mainly for anti-money-laundering purposes, and several major trading platforms operate in Britain. Industry groups broadly welcomed the certainty the legislation would bring, while cautioning that implementation details and transitional arrangements would decide whether London keeps its fintech-hub status. The draft will be consulted on and laid before Parliament, and final provisions may change. Surveys suggest about one in ten UK adults holds cryptoassets, a share that has risen in recent years, while regulators have repeatedly warned of the high risks involved. (GSM, compiled from UK media reports)
Source: GSM · USA (original Chinese edition)
Photo: 图：英格兰银行大楼（资料图）。Diliff 摄，CC BY-SA 3.0，取自维基共享资源。Photo: Bank of England building, London (file photo). By Diliff, CC BY-SA 3.0, via Wikimedia Commons.
