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U.K. Financial Regulator Aims for Crypto Regime by 2026
The U.K.'s FCA is trying to be more transparent to the crypto sector after months of uncertainty.
Updated Nov 26, 2024, 12:08 a.m. Published Nov 26, 2024, 12:01 a.m.
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What to know:
- The U.K. Financial Conduct Authority (FCA) said it wants to implement a crypto regime by 2026.
- Ownership of crypto assets grew by 4% in the past two years, to include some 7 million adults out of the country's roughly 68 million population.
The U.K.'s financial regulator, the Financial Conduct Authority, said it wants to implement a crypto regime by 2026 in anticipation of growing crypto ownership in the country.
A road map released by the FCA, which oversees the industry, said the agency plans to publish discussion papers on market abuse and disclosures by the end of this year. It intends to have papers on stablecoins, trading platforms, staking, prudential crypto exposure and lending by early next year. The regime is scheduled to go live after the final policy statements are published in 2026.
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An FCA-commissioned study shows ownership of crypto assets grew by 4% in the past two years, to include some 7 million adults out of the country's roughly 68 million population.
The road map follows a speech by Economic Secretary Tulip Sidiq last week that promised draft regulation for cryptocurrencies, stablecoins and staking by early next year. That was the first sign from the Labour government elected in July of how it plans to approach the crypto industry. The roadmap is the regulator's attempt to be "transparent" and canvass industry support.
“We’re committed to working closely with the Government, international partners, industry and consumers to help us get the future rules right,” said Matthew Long, director of payments and digital assets at the FCA.
The U.K.'s crypto regime will follow after the European Unions Markets in Crypto Assets, or MiCA, regulations, a comprehensive set of rules for crypto, which is set to go live by the end of this year.
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