The Financial Conduct Authority (FCA) of the United Kingdom is looking for opinions on intermediaries, punctures, loans, loans and decentralized finances (DEFI), in a discussion document published on Friday.
The discussion document follows a bill by the Treasury which was announced on Tuesday. Once the legislation is adopted, it will provide specific cryptography activities as part of the FCA regulation, the regulator said on its website.
“Crypto is a growing industry. Currently unregulated, we want to create a cryptographic regime that gives companies the clarity they need to innovate in complete safety, while offering appropriate levels of market integrity and consumer protection,” said David Geale, executive director of digital payments and finances at the FCA.
The cryptography industry said that the regulator, which has been monitoring the crypto since 2020 under its rules for combating money laundering, has sometimes been too restrictive. He recorded 51 companies from the 368 requests she received in the past five years. A new authorization regime for offers should start by 2026.
Among the subjects of the discussion document, you should know if companies should be able to accept credit cards to pay for crypto purchases.
“We are considering a range of restrictions, in particular by restricting the use of credit cards to directly buy cryptocurrency, and using a credit line provided by an electronic currency to do so,” said the discussion document.
The deadline for comments is June 13 and the FCA will consult the final regime later this year.
Update (May 2, 12:10 UTC): Add no. Companies approved since 2020, purchases of credit cards from the fourth paragraph.
