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Home»Market»FCA seeks industry views on plans to tackle abuse in UK crypto market
Market

FCA seeks industry views on plans to tackle abuse in UK crypto market

December 18, 2024No Comments2 Mins Read
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The Financial Conduct Authority (FCA) has published a discussion paper focused on strengthening rules in the UK’s crypto-asset market by cracking down on what it sees as abuses and a lack of transparency.

The regulator says it hopes to improve regulatory clarity with the aim of providing “clear and consistent rules of the game for businesses and consumers”, according to a statement released on Monday.

THE paper suggests that authorized crypto trading platforms adopt strict internal measures to prevent market abuse and share information to detect fraudulent activities.

“The admission, disclosure and market abuse regimes are crucial to improving the integrity and cleanliness of our crypto markets, as well as helping people make informed financial decisions,” the FCA said on Monday .

The FCA said the development of a stable and reliable market framework would encourage sustainable investment and long-term growth within its country’s borders.

Building on information gathered during crypto roundtables earlier this year, the proposal received feedback from the government’s ongoing consultation with industry stakeholders.

The FCA stressed that crypto assets remain high risk and largely unregulated, warning: “If something goes wrong you are unlikely to be protected and you should be prepared to lose all your money. »

The move comes after the FCA revealed in September that 90% of applications from crypto companies were rejected last year due to weak anti-money laundering controls. It also issued more than 450 consumer alerts against unauthorized crypto promotions during the same period.

The Bank of England has also strengthened its supervision, demanding companies must report their exposures to cryptoassets by March 2025.

Comments on the discussion paper will inform the FCA’s next steps, with a consultation paper to follow before final rules are adopted. The agency is calling on industry players, policymakers, consumer groups and other stakeholders to provide comments by March 14, 2025.

Edited by Sébastien Sinclair

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