Britain's Monetary Supervisory Body Requests General Public's Opinion on Regulatory Actions for the Cryptocurrency Field
Cryptocurrency Regulation in the UK: What You Need to Know
The Financial Conduct Authority (FCA), the United Kingdom's financial watchdog, is making moves to regulate the growing cryptocurrency sector. The FCA aims to establish a "safe, competitive, and sustainable" digital asset market that fosters market integrity and appropriate consumer protection.
The FCA has released a discussion paper, seeking input on how the unique aspects of crypto assets should be considered in its future regulatory regime. The paper focuses on regulating trading platforms, intermediaries, staking, lending, borrowing, and decentralized finance, while also seeking feedback on the use of credit to purchase cryptocurrencies.
The proposals were developed after extensive consultation with crypto industry professionals, digital asset consumers, and stakeholders in the traditional finance sector. Among the regulations under consideration, the FCA aims to restrict credit card usage when buying cryptocurrencies, and earlier this year, it moved to ban digital asset ads, succeeding in reducing advertisements by 50%.
Despite this progress, the financial watchdog remains concerned about the prevalence of scams online.
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[1] https://www.fca.org.uk/publications/policy-statements/ps21-25[2] https://www.gov.uk/government/consultations/cryptoassets-policy-framework-discussion-paper[3] https://www.abc.net.au/news/2023-03-25/uk-strengthens-crackdown-on-crypto-scams/102183404[4] https://www.reuters.com/business/ uk-regulatory-rc concerning- cryptoasset-advertising-2023-02-09/[5] https://www.fca.org.uk/systemic-risk/data/ cryptoasset-technical-standards-technical-standards-consultation-paper
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- The Financial Conduct Authority (FCA) is aiming to regulate the cryptocurrency sector, with a focus on creating a safe, competitive, and sustainable digital asset market.
- The discussion paper released by the FCA covers the regulation of trading platforms, intermediaries, staking, lending, borrowing, and decentralized finance.
- The FCA's proposals also consider the use of credit to purchase cryptocurrencies and include the potential restriction of credit card usage for cryptocurrency purchases.
- The FCA's concerns extend to the prevalence of scams online, a pressing issue in the world of cryptocurrency and decentralized finance.
- Despite regulatory measures, it's essential to stay informed about the latest cryptocurrency news, insights, and updates, such as the rise of DeFi, new Altcoins, and industry events like Bitcoin Seoul 2025.
