United Kingdom

Country Information

ISO Code

GB (GBR)

Region

Europe

Sub-Region

Northern Europe

Status

Active

Crypto Regulatory Status

Leader

Summary

Cryptocurrencies are legal but are not legal tender There are registration requirements for exchanges. There are no laws specifically relating to cryptocurrencies, however recent amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 saw the appointment of the FCA as the official regulatory body overseeing crypto-activities. The U.K. introduced a bill to Parliament in September 2022 to make it easier for law enforcement agencies to seize, freeze and recover crypto assets when used for criminal activities such as money laundering, drugs and cybercrime. The bill is designed to build on the earlier Economic Crime (Transparency and Enforcement) Act that helped regulators place sanctions against Russia and freeze relevant assets in the country. Regulators have been concerned that some Russians have been using crypto to avoid sanctions imposed following the invasion of Ukraine. Bitcoin and other digital assets can be considered personal property under new draft law introduced Parliament on 11 September 2024.

Regulatory Status Summary

Status History by Topic