The U.K. government plans to extend existing financial regulation to cover crypto companies as of October 2027 and legislation for the process will be introduced into parliament on Monday.
The bill will be little changed from draft legislation published in April, which laid out the framework for crypto exchanges and stablecoin issuance, a Treasury spokesperson said, according to Reuters.
In extending existing financial services rules to crypto, the U.K. would be emulating the approach of the U.S., in contrast to the European Union (EU), which introduced a regime, the Markets in Crypto Assets regulations, specifically for the industry.
Last month, the Bank of England (BOE) proposed a regulatory regime for oversight of stablecoins, which is open to consultation through February 2026.
Chancellor Rachel Reeves said the regulation would offer “clear rules of the road,” while keeping “dodgy actors” out of the market.
The Treasury did not immediately respond to CoinDesk’s request for additional comment.