- Draft crypto legislation announced in the UK.
- Ripple pushes for UK crypto laws.
- The UK risks falling behind Europe and the US on crypto.
The UK’s crypto fog might be clearing. And Ripple, the blockchain firm that designed the XRP cryptocurrency for cross-border payments, is cheering it on.
Cassie Craddock, Ripple’s UK and Europe managing director, praised the announcement of a draft crypto legislation and called it a “clear signal of intent” from the government.
“At Ripple, we see huge opportunity here ― it’s why the UK is one of our largest office hubs outside the US, with year-on-year investment into our operations and talent,” Craddock tweeted on Wednesday.
As part of the proposed rules, crypto exchanges and custodians must abide by the same transparency and consumer protection laws as other finance firms. The draft legislation also stated that exchanges servicing UK users must be licensed to do so in the country.
Chancellor of the Exchequer Rachel Reeves said the new rules would boost investor confidence and protect customers.
Ripple executives have called on the UK government to create a legal framework for cryptocurrencies. Last month, Matthew Osborne, the company’s policy director for Europe, said the UK lagged other major jurisdictions in crypto and blockchain.
“The UK has the chance to lead ― now’s the time to move at pace,” Craddock tweeted.
While Europe is moving ahead with its Markets in Crypto-Assets regulatory regime, and the US is ramping up more industry-friendly regulations, the UK has been quieter.
Former Prime Minister Rishi Sunak promised to make the UK a global crypto hub. At the time, Sunak’s Conservative Party tried to relax some of the UK’s more stringent registration policies for crypto companies that left many firms unregistered, including Ripple.
But that crypto-friendly momentum has ebbed under Prime Minister Keir Starmer’s Labour government.
Still, amid the policy paralysis, the Financial Conduct Authority published a roadmap for its planned implementation of crypto rules expected to go into effect next year.
Crypto market movers
- Bitcoin is up 1% in the past 24 hours to $96,012.
- Ethereum is up 1.8% over the same period to trade for $1,842.
What we’re reading
- Bitcoin ‘decoupling’ galvanises crypto backers as price outperforms gold and tech — DL News
- Base token: incoming (here’s why) — Milk Road
- U.S. Bitcoin Mining Was on the Rise. Then Came Trump’s Tariffs — Unchained Crypto
- What you missed this week — Milk Road
- Tornado Cash prevails in court as judge bars new sanctions — DL News
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
