英國揭幕計劃制定“綜合監管制度”，旨在使該國成為數字資產的全球領導者

4月29日，英國財政部長雷切爾·里夫斯（Rachel Reeves）宣布了“全面監管制度”的計劃，旨在使該國成為數字資產的全球領導者。

On April 29, UK Finance Minister Rachel Reeves unveiled plans for a “comprehensive regulatory regime” aimed at making the country a global leader in digital assets.

4月29日，英國財政部長雷切爾·里夫斯（Rachel Reeves）宣布了“全面監管制度”的計劃，旨在使該國成為數字資產的全球領導者。

As part of the new rules, crypto exchanges, dealers, and agents will be regulated similarly to traditional financial firms, with requirements for transparency, consumer protection, and operational resilience, the UK Treasury said in a statement released following Reeves’ remarks.

作為新規則的一部分，加密交易所，經銷商和代理商將與傳統金融公司相似，並具有透明度，消費者保護和運營彈性的要求。

The Financial Services and Markets Act 2000 (Cryptoassets) Order 2025 introduces six new regulated activities, including crypto trading, custody, and staking.

2000年《金融服務與市場法》（CryptoAssets）命令2025命令引入了六項新的受監管活動，包括加密貨幣交易，監護權和股權。

Rather than opting for a light-touch regime similar to the EU’s Markets in Crypto-Assets (MiCA), the UK is applying the full weight of securities regulation to crypto, according to UK-based law firm Wiggin. That includes capital requirements, governance standards, market abuse rules, and disclosure obligations.

根據英國律師事務所威金（Wiggin）的說法，與其選擇類似於加密資產（MICA）歐盟市場類似的輕觸狀政權，不如將證券監管的全部權重應用於加密貨幣。其中包括資本要求，治理標準，市場濫用規則和披露義務。

“The UK’s draft crypto regulations represent a meaningful step toward embracing a rules-based digital asset economy,” Dante Disparte, chief strategy officer and head of global policy at Circle (CRYPTO: USDC), told CoinTelegraph.

“英國的加密法規草案是邁向採用基於規則的數字資產經濟的有意義的一步，” Circle（Crypto：USDC）全球政策負責人Dante Disparte告訴Cointelegraph。

Disparte added that the proposed framework can provide the predictability needed to “scale responsible digital financial infrastructure in the UK.”

Disparte補充說，擬議的框架可以提供“擴展英國負責任的數字金融基礎設施”所需的可預測性。

UK’s new crypto rules are ‘net positive’

英國的新加密規則是“淨正面”

Vugar Usi Zade, the chief operating officer (COO) at Bitget exchange, expressed optimism regarding the new regulations, claiming that it “is a net positive for the industry.”

Bitget Exchange首席運營官（COO）的首席運營官Vugar Usi Zade對新法規表示樂觀，並聲稱它“對該行業來說是淨淨值”。

“I think a lot of companies recently exited or hesitated to enter the UK because they were not clear about what activities, products, and operations need FCA authorisation. Firms finally get clear definitions of “qualifying crypto assets” and know exactly which activities - trading, custody, staking or lending - need FCA authorisation.”

“我認為許多公司最近退出或猶豫要進入英國，因為他們不清楚哪些活動，產品和運營需要FCA授權。公司最終對“合格的加密資產資產”有明確的定義，並且確切地知道哪些活動 - 交易，託管，持有，Staking或Staking或貸款 - 需要FCA授權 - 需要FCA授權。”

For exchanges, including Bitget, the UK’s draft rules mean they need full approval from the Financial Conduct Authority (FCA) to offer crypto trading, custody, staking, or lending services to UK users.

對於包括BITGET在內的交流，英國的規則草案意味著他們需要獲得金融行為管理局（FCA）的全面批准，以向英國用戶提供加密貨幣交易，監護權，積分或貸款服務。

The rules also give companies two years to adjust their systems, like capital and reporting. “Mapping each service line to the new perimeter adds compliance overhead, but that clarity lets us plan product roll-out and invest in local infrastructure,” Zade said.

這些規則還為公司提供了兩年來調整其係統，例如資本和報告。 Zade說：“將每個服務線映射到新的外圍，增加了合規性的開銷，但這種清晰度使我們可以計劃推出產品並投資於本地基礎設施。”

The new draft regulations classify stablecoins as securities, not as e-money. This means UK-issued fiat-backed tokens must meet prospectus-style disclosures and redemption protocols. Non-UK stablecoins can still circulate, but only via authorised venues.

新法規草案將穩定股權歸類為證券，而不是電子貨幣。這意味著由英國發行的菲亞特支持令牌必須符合招股說明書式的披露和贖回協議。 Non-UK Stablecoins仍然可以流通，但僅通過授權的場所。

Zade claimed that excluding stablecoins from the Electronic Money Regulations 2011 (EMRs), which keeps them out of the e-money sandbox, could slow their use for payment.

Zade聲稱，將2011年電子貨幣法規（EMRS）排除在EMRS之外的電子貨幣法規（EMRS）之外，可能會放緩其用於付款的用途。

However, Disparte, whose firm is the issuer of USDC, the world’s second-largest stablecoin by market capitalisation, said predictability is key to fostering responsible growth in the UK.

但是，Disparte的公司是USDC的發行人，USDC是全球第二大穩定股，根據市值，可預測性是促進英國負責增長的關鍵。

UK to require FCA approval for foreign crypto firms

英國需要FCA批准為外國加密公司

Among the biggest changes as part of the new draft rules is the territorial reach. Non-UK platforms serving UK retail clients will need the FCA authorisation. The “overseas persons” exemption is limited to certain B2B relationships, effectively ringing-fencing the UK retail market.

作為新規則草案的一部分，最大的變化是領土覆蓋範圍。為英國零售客戶提供服務的非開關平台將需要FCA授權。 “海外人”的豁免僅限於某些B2B關係，有效地將英國零售市場震動。

Crypto staking enters the perimeter as well. Liquid and delegated staking services must now register, while solo stakers and purely interface-based providers are exempt. New custody rules extend to any setup that gives a party unilateral transfer rights, including certain lending and MPC (multiparty computation) arrangements.

加密組合也進入外圍。現在必須註冊液體和授權的企業服務，而獨奏和純粹基於接口的提供商則是豁免的。新的監護規則擴展到賦予一方單方面轉讓權的任何設置，包括某些貸款和MPC（多方計算）安排。

“Some DeFi nuances still need fleshing out, but the direction is toward efficient, tailored compliance rather than a blanket restriction,” Bitget’s Zade said.

Bitget的Zade說：“有些偏好仍然需要消失，但方向是指向高效，量身定制的合規性而不是毯子限制。”

He added that the broad “staking” definition might sweep in non-custodial DeFi models lacking a central provider. “Proposed credit-card purchase restrictions - though aimed at high-risk use - could dampen retail participation in token launches.”

他補充說，廣泛的“佔有性”定義可能會掃除缺乏中央提供商的非習慣Defi模型。 “擬議的信用卡購買限制（儘管旨在高風險使用）可能會抑制零售參與令牌發布會。”

Furthermore, Zade said bank-grade segregation rules for client assets could burden lean DeFi projects. “Final rule tweaks will need to mitigate these side effects.”

此外，Zade表示，客戶資產的銀行級隔離規則可能會為精益計劃負擔。 “最終規則調整將需要減輕這些副作用。”

The FCA plans to publish final rules on crypto sometime in 2026, setting the groundwork for the UK regulatory regime to go live. The roadmap to greater regulatory clarity in the UK could follow the European Union, which started to implement its MiCA framework in December.

FCA計劃在2026年某個時候發布有關加密貨幣的最終規則，為英國監管制度啟用基礎。在英國，通往更大的監管清晰度的路線圖可以跟隨歐盟，該聯盟在12月開始實施其云母框架。