The UK’s Financial Conduct Authority has outlined its latest measures to improve the integrity of the UK crypto market.
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The watchdog is seeking feedback on a new discussion paper which sets out its thinking on admissions and disclosures and the introduction of a market abuse regime.
The document reflects insights from a series of FCA-led crypto roundtables held with the industry earlier in the year.
It suggests companies introduce strict controls that “prevent harm” and calls on cryptocurrency trading firms to share information with each other to help stifle fraud and prevent market abuse.
The FCA is encouraging market feedback to help shape the rules for the largely unregulated UK crypto sector: “We want the industry to take the lead in developing new ways of disclosing important information to ensure that People understand the risks before buying crypto. »
The government plans to work with businesses on draft legal provisions relating to the crypto-asset regime as soon as possible in 2025.
The FCA has set out a phased approach, starting in the fourth quarter of 2024 and continuing until 2026, with discussion papers, consultation papers and final policy statements leading up to the launch of the scheme in 2026.