UK to Finalise Crypto Legislation by 2026, FCA Outlines Regulations Roadmap

Date:

Under former Prime Minister Rishi Sunak, the UK took several steps to foster the growth of the Web3 sector, positioning itself to compete with Dubai and Hong Kong as a leading Web3 hub. In a recent update, the UK’s Financial Conduct Authority (FCA) has set a deadline of 2026 to finalise its crypto legislation.

The FCA’s proposed regulations will focus on ensuring a fair, transparent marketplace for crypto assets, free from manipulation and exploitation. These rules will apply to crypto exchanges, digital asset lending providers, and stablecoin operators within the UK, a Bloomberg report said.

Matthew Long, the Director of payments and digital assets at the FCA published a post on the official website, detailing the roadmap for FCA’s crypto rules.

“We want our regime to consider the unique characteristics of crypto and deliver in the best interests of the client. That’s why we got together to discuss what a future regime should look like for trading platforms and intermediaries – exploring topics like location policy, operational resilience requirements, conflicts of interest and matching and order execution,”

Throughout this year, the FCA has participated in several roundtable discussions to gather input from investors and regulators on the necessary crypto regulations.

According to the FCA, discussions revealed a strong interest in differentiating crypto regulations for wholesale and retail use cases. The topic of international standards for crypto activities also garnered significant attention. The FCA believes that establishing a uniform global rulebook for the crypto sector could help reduce regulatory burdens for individual countries.

“Participants thought exchanges that issue their own tokens or run other activities such as brokerage and market making, pose the most significant conflicts of interest. While there is still work to be done, we’re leading the implementation of international crypto regulatory standards via the International Organization of Securities Commissions (IOSCO),” Long added.

See also  Senna Netflix Series: Release Date, Trailer, Cast, and Plot of F1 Legend’s Story

The crypto sector is currently valued at $3.21 trillion (roughly Rs. 2,71,09,156 crore), with Bitcoin reaching historic highs, nearing $100,000 (roughly Rs. 84 lakh). The surge in crypto prices follows the return of Donald Trump to the White House as the 47th President of the US. During his campaign, Trump suggested that the US could designate Bitcoin as a reserve asset, similar to gold.

Given the current uncertainty surrounding crypto regulations in the US, the UK appears to be accelerating efforts to finalise its laws, aiming to regulate and legitimise the crypto sector in preparation for future global developments.

Under former Prime Minister Rishi Sunak, the UK took several steps to foster the growth of the Web3 sector, positioning itself to compete with Dubai and Hong Kong as a leading Web3 hub. In a recent update, the UK’s Financial Conduct Authority (FCA) has set a deadline of 2026 to finalise its crypto legislation.

The FCA’s proposed regulations will focus on ensuring a fair, transparent marketplace for crypto assets, free from manipulation and exploitation. These rules will apply to crypto exchanges, digital asset lending providers, and stablecoin operators within the UK, a Bloomberg report said.

Matthew Long, the Director of payments and digital assets at the FCA published a post on the official website, detailing the roadmap for FCA’s crypto rules.

“We want our regime to consider the unique characteristics of crypto and deliver in the best interests of the client. That’s why we got together to discuss what a future regime should look like for trading platforms and intermediaries – exploring topics like location policy, operational resilience requirements, conflicts of interest and matching and order execution,”

See also  Honor Magic 7, Magic 7 Pro With Snapdragon 8 Elite SoCs, 80W Wireless Charging Launched: Price, Specifications

Throughout this year, the FCA has participated in several roundtable discussions to gather input from investors and regulators on the necessary crypto regulations.

According to the FCA, discussions revealed a strong interest in differentiating crypto regulations for wholesale and retail use cases. The topic of international standards for crypto activities also garnered significant attention. The FCA believes that establishing a uniform global rulebook for the crypto sector could help reduce regulatory burdens for individual countries.

“Participants thought exchanges that issue their own tokens or run other activities such as brokerage and market making, pose the most significant conflicts of interest. While there is still work to be done, we’re leading the implementation of international crypto regulatory standards via the International Organization of Securities Commissions (IOSCO),” Long added.

The crypto sector is currently valued at $3.21 trillion (roughly Rs. 2,71,09,156 crore), with Bitcoin reaching historic highs, nearing $100,000 (roughly Rs. 84 lakh). The surge in crypto prices follows the return of Donald Trump to the White House as the 47th President of the US. During his campaign, Trump suggested that the US could designate Bitcoin as a reserve asset, similar to gold.

Given the current uncertainty surrounding crypto regulations in the US, the UK appears to be accelerating efforts to finalise its laws, aiming to regulate and legitimise the crypto sector in preparation for future global developments.

 

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

South Carolina prepares for second firing squad execution

A firing squad is set to kill a South...

RRB ALP Recruitment 2025: Apply for 9,970 vacancies from April 12; check selection process and other details here

The RRB ALP Recruitment 2025 application process for 9,970...

‘Gauti (Gautam Gambhir) bhai has helped me understand my potential’

Washington Sundar, a versatile all-rounder, faces the challenge of...

Apple is left without a life raft as Trump’s China trade war intensifies, analysts warn

Apple remains stranded without a life raft, experts say,...