英国揭幕计划制定“综合监管制度”，旨在使该国成为数字资产的全球领导者

4月29日，英国财政部长雷切尔·里夫斯（Rachel Reeves）宣布了“全面监管制度”的计划，旨在使该国成为数字资产的全球领导者。

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，英国财政部长雷切尔·里夫斯（Rachel Reeves）宣布了“全面监管制度”的计划，旨在使该国成为数字资产的全球领导者。

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.

作为新规则的一部分，加密交易所，经销商和代理商将与传统金融公司相似，并具有透明度，消费者保护和运营弹性的要求。

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

2000年《金融服务与市场法》（CryptoAssets）命令2025命令引入了六项新的受监管活动，包括加密货币交易，监护权和股权。

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.

根据英国律师事务所威金（Wiggin）的说法，与其选择类似于加密资产（MICA）欧盟市场类似的轻触状政权，不如将证券监管的全部权重应用于加密货币。其中包括资本要求，治理标准，市场滥用规则和披露义务。

“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.

“英国的加密法规草案是迈向采用基于规则的数字资产经济的有意义的一步，” Circle（Crypto：USDC）全球政策负责人Dante Disparte告诉Cointelegraph。

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

Disparte补充说，拟议的框架可以提供“扩展英国负责任的数字金融基础设施”所需的可预测性。

UK’s new crypto rules are ‘net positive’

英国的新加密规则是“净正面”

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首席运营官（COO）的首席运营官Vugar Usi Zade对新法规表示乐观，并声称它“对该行业来说是净净值”。

“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.”

“我认为许多公司最近退出或犹豫要进入英国，因为他们不清楚哪些活动，产品和运营需要FCA授权。公司最终对“合格的加密资产资产”有明确的定义，并且确切地知道哪些活动 - 交易，托管，持有，Staking或Staking或贷款 - 需要FCA授权 - 需要FCA授权。”

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.

对于包括BITGET在内的交流，英国的规则草案意味着他们需要获得金融行为管理局（FCA）的全面批准，以向英国用户提供加密货币交易，监护权，积分或贷款服务。

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.

这些规则还为公司提供了两年来调整其系统，例如资本和报告。 Zade说：“将每个服务线映射到新的外围，增加了合规性的开销，但这种清晰度使我们可以计划推出产品并投资于本地基础设施。”

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.

新法规草案将稳定股权归类为证券，而不是电子货币。这意味着由英国发行的菲亚特支持令牌必须符合招股说明书式的披露和赎回协议。 Non-UK Stablecoins仍然可以流通，但仅通过授权的场所。

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声称，将2011年电子货币法规（EMRS）排除在EMRS之外的电子货币法规（EMRS）之外，可能会放缓其用于付款的用途。

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的发行人，USDC是全球第二大稳定股，根据市值，可预测性是促进英国负责增长的关键。

UK to require FCA approval for foreign crypto firms

英国需要FCA批准为外国加密公司

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.

作为新规则草案的一部分，最大的变化是领土覆盖范围。为英国零售客户提供服务的非开关平台将需要FCA授权。 “海外人”的豁免仅限于某些B2B关系，有效地将英国零售市场震动。

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.

加密组合也进入外围。现在必须注册液体和授权的企业服务，而独奏和纯粹基于接口的提供商则是豁免的。新的监护规则扩展到赋予一方单方面转让权的任何设置，包括某些贷款和MPC（多方计算）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说：“有些偏好仍然需要消失，但方向是指向高效，量身定制的合规性而不是毯子限制。”

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.”

他补充说，广泛的“占有性”定义可能会扫除缺乏中央提供商的非习惯Defi模型。 “拟议的信用卡购买限制（尽管旨在高风险使用）可能会抑制零售参与令牌发布会。”

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，客户资产的银行级隔离规则可能会为精益计划负担。 “最终规则调整将需要减轻这些副作用。”

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计划在2026年某个时候发布有关加密货币的最终规则，为英国监管制度启用基础。在英国，通往更大的监管清晰度的路线图可以跟随欧盟，该联盟在12月开始实施其云母框架。