UK Government Confirms Plans for Cryptocurrency Regulation by 2024

The UK government has confirmed plans to regulate the cryptocurrency industry with formal legislation by 2024. They recently responded to a consultation paper, which gathered input from various stakeholders. The government intends to apply regulations similar to those governing traditional financial services to crypto activities. The proposed regulations include stricter rules for exchanges, custodians, and crypto lending companies, as well as addressing market abuse and cryptoasset disclosures. While the specifics of the UK's crypto regulations are not yet clear, they are ahead of the US in formalizing federal laws for the industry, as the EU has done with its MiCA regulation.