Src: Reuters
The FCA (Financial Conduct Authority) of UK has revealed a roadmap to fully regulate crypto by 2026 aiming to promote market safety and consumer protection.
With 12% of UK citizens currently owning cryptocurrency, this project aims to reduce the risks of fraud and scams.
Reportedly, FCA is soliciting industry feedback on its proposals for admissions, disclosures, and market abuse regimes, emphasizing the need for transparency and informed decision making.
The efforts of regulator align with global regulatory trends, particularly in the EU and US.
The new regulations in the UK will significantly impact existing crypto businesses by requiring full authorization from the FCA for companies primarily dealing with crypto.
This includes adhering to financial services standards, which can be stricter than the laws now in place for anti-money laundering. Ofshore companies giving services to the clients in UK must also register, potentially limiting market access.
The FCA new regulations are deemed to enhance protections for individual crypto investors in the UK.
Feedback is invited by the FCA on the proposals from the industry experts and public with a deadline in March 2025.
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