The Financial Conduct Authority (FCA), the UK’s financial regulatory body, has proposed implementing stricter regulations on the cryptocurrency market. This move aims to mitigate risks associated with digital assets and could result in banning unlicensed companies from issuing public cryptocurrency offers.<\/p>\n
The FCA released a discussion paper on December 16<\/a>, outlining plans to prohibit non-regulated entities from conducting public crypto offerings. The proposed measures are designed to ensure that cryptocurrency-related promotions comply with established financial laws and prioritize consumer protection.<\/p>\n According to the FCA, the proposed regulations include requiring authorized firms, such as licensed crypto trading platforms<\/a>, to share information and implement robust monitoring systems to detect and prevent suspicious activities. “We are also suggesting certain firms, like authorized crypto trading platforms, share information with each other to help stop suspected market abuse,” stated the FCA.<\/p>\n To refine these proposed measures, the FCA has invited feedback from the public and industry stakeholders. The consultation period is open until March 2025. This initiative forms part of a broader effort to establish a comprehensive regulatory framework for the UK’s cryptocurrency market<\/a> by 2026.<\/p>\n The FCA has already taken steps to enforce its regulatory authority. On December 3, the regulator restricted access to Pump.fun, a platform suspected of offering unauthorized financial services. The FCA warned that such platforms could pose significant risks to UK consumers.<\/p>\n The FCA’s recent proposals build on earlier regulations introduced in 2023, which banned unregistered crypto companies from marketing or promoting their services to UK residents. Since 2020, the FCA has closely monitored compliance with anti-money laundering (AML) regulations<\/a> in the cryptocurrency sector.<\/p>\n Clear admissions, disclosures and market abuse rules will help improve the integrity of our crypto markets, while protecting people and supporting the UK's growth and competitiveness.<\/p>\n Find out more https:\/\/t.co\/zB3e0xXkti<\/a>#crypto<\/a> #CryptoRegulation<\/a> #FinancialRegulation<\/a><\/p>\n — Financial Conduct Authority (@TheFCA) December 16, 2024<\/a><\/p><\/blockquote>\nRecent FCA Actions and Warnings<\/h2>\n
Existing Crypto Regulations in the UK<\/h2>\n
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