News

The UK FCA Wants To Promote Crypto Market Supervision

Key Points:

  • Sarah Pritchard, executive director of the FCA, said that the agency plans to strengthen the supervision of the crypto market.
  • The companies will have 4 months to rectify this.
  • In addition, the FCA has been working closely with the government to develop proposals to regulate stablecoins.
According to the UK Financial Conduct Authority’s (FCA) official website, Sarah Pritchard, executive director of the FCA, stated at the London City Week meeting that the FCA intends to strengthen supervision of encryption marketing and that the rules will be announced after legislation is proposed.
The UK FCA Wants To Promote Crypto Market Supervision 3

This will fall under our purview once the government passes legislation, and companies will have four months to implement the changes. After the legislation is introduced, the rules will be published.

“We want industry’s input to make sure we get the future regulatory regime for crypto assets right. Let’s work together, to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream,” Pritchard said.

Furthermore, the FCA has been collaborating closely with the government to develop proposals to regulate stablecoins that can be used for payments, as well as to hold consultations on the regulation of the broader crypto asset regime, on which the public can comment until April 30. The Ministry of Finance may also decide to implement a reciprocal registration system for foreign crypto companies in the future.

Pritchard stated that she hopes to solicit industry feedback in order to establish the proper regulatory system for digital assets.

She described cryptocurrency as a “one-time symbol of alternative rebellion” but admitted that it has grown in popularity.

The UK FCA Wants To Promote Crypto Market Supervision 4

The move contrasts sharply with the approach taken across the pond in the United States. Those in the American crypto industry claim that local financial regulators are attempting to crush the crypto sector through enforcement actions rather than developing meaningful regulations in collaboration with industry leaders.

According to Pritchard, the FCA’s responsibilities are limited to ensuring that crypto firms operating in the United Kingdom comply with anti-money laundering (AML) and counter-terrorism financing (CTF) legislation.

The FCA has supported crypto firms and registered 41 companies of various sizes; however, nearly three-quarters of the 195 total registrations from overseas firms were rejected or withdrawn.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

35 minutes ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

59 minutes ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

2 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

2 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

2 hours ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

5 hours ago

This website uses cookies.