UK Crypto Market Preparing for Tons of New FCA Regulations
The FCA (Financial Conduct Authority) is flexing its muscles with a host of additional regulations to push on the cryptocurrency industry, which could be unwelcome news for firms.
New regulations are coming for crypto firms throughout the UK, and the goal of these new laws is to make crypto more like conventional financial assets. Since 2020, the FCA has been governing the money laundering activities that take place in the United Kingdom, and they were put over cryptocurrency just last year. Now that they have had time to observe the way cryptocurrency works in the UK for a while, they are ready to release a bevy of new regulations.
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The rules will apply to insider trading, capital requirements, custody, order handling and more, with the organization setting out a roadmap for changes on November 26th. They also plan to release a paper on abuse within the market that will set the stage for the new rules to go into effect. The rule should affect a large percentage of the market and the way cryptocurrency is bought and sold.
The changes will roll out little by little, with some even scheduled for the third quarter of 2025. At that point, the FCA will be initializing the Consumer Duty and Senior Managers Certification Regime. This will mean more paperwork for crypto firms and more red tape for them to deal with.
What This Means for the UK Crypto Industry
The FCA sees a definite need for greater regulation and clearer rules to govern the industry, but of course, crypto firms, investors, and other interested parties are pushing back. They know that more regulations are going to make business harder to conduct and may even leave many crypto firms in murky legal waters where their products are not officially allowed.
The new rules are supposed to bring the crypto market under better control where only approved assets are allowed. This in turn should protect customers from being taken advantage of and limit some of the activities on the market that have jeopardized the financial investments of UK citizens.
Any regulation to the crypto market is seen as unwanted by many who are a part of it. Decentralized finance is intended to be free from the restrictions that are placed on traditional currency, but it looks like the UK government is not happy with that scenario. By the time 2025 is finished, the crypto landscape is likely to look much different, particularly within the UK.
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