The UK government is opening a consultation on a series of sweeping new rules for the crypto sector, the country’s Treasury department said in a statement on Tuesday. The consultation will seek feedback from industry members and experts from February 1 until April 30.
The proposed guidelines would include a requirement for exchanges to write detailed requirements on admission standards and disclosures for token issuers when listing new assets.
The UK also plans to strengthen rules around financial intermediaries and custodians of digital assets, requiring all firms to meet prudential regulation and standards on data reporting, consumer protection and operational resilience.
In addition, the Treasury said that it is introducing a “time limited exemption” that will enable crypto asset businesses that are registered with the U.K.'s financial regulator under its anti-money laundering regime to issue their own promotions while the industry awaits more rules.
Policy and Regulation