The UK government has proposed cryptocurrency regulations against fraud.

Source: Cointelegraph Original Text: "The UK Government Proposes Cryptocurrency Rules Against Fraud"

The UK Treasury and Chancellor of the Exchequer Rachel Reeves have proposed new cryptocurrency regulations aimed at "supporting innovation while tackling fraudsters."

In a notification on April 29, the UK government announced draft rules for cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), which will bring "crypto exchanges, dealers, and agents" in line with relevant regulations, as many residents are "exposed to high-risk companies and scams." The notification mentioned discussions with US government officials, including the US Securities and Exchange Commission's Hester Peirce's proposed UK-US cross-border sandbox initiative.

"Today's announcement sends a clear signal: the UK welcomes business, but is closing the door on fraud, abuse, and unstable behavior," the notice stated. "The government will propose final crypto asset legislation as soon as possible after engaging with the industry on the draft terms."

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This is an evolving event, and further information will be added as it becomes available.