The UK government plans to extend existing financial regulation to cover crypto businesses from October 2027, and legislation for the process will be introduced in parliament on Monday.
The bill will be little changed from draft legislation published in April that laid out the framework for crypto exchanges and stablecoin issuance, a Treasury spokesman said, according to Reuters.
By extending existing financial services rules to crypto, the UK would mimic the US approach, unlike the European Union (EU), which introduced a scheme, the Markets in Crypto Assets rules, specifically for the industry.
Last month, the Bank of England (BOE) proposed a regulatory framework for the oversight of stablecoins, which is open for consultation until February 2026.
Chancellor Rachel Reeves said the regulation would offer “clear rules of the road” while keeping “weak actors” out of the market.
The Treasury Department did not immediately respond to CoinDesk’s request for further comment.
