UK Government to Regulate Cryptocurrency by 2027 to Safeguard Investors

The UK government has announced plans to regulate cryptocurrency by 2027, aiming to safeguard investors and boost the country's position as a global digital financial hub. The new regulatory framework will bring crypto firms under the oversight of the Financial Conduct Authority (FCA) to ensure compliance with traditional financial service rules.

UK Chancellor of the Exchequer, Rachel Reev, described the move as equipping millions of Britons with legislation to join other jurisdictions in overseeing the volatile crypto industry. The US and EU have also been tightening regulations in response to recent scandals and fraud cases.