According to a recent CNBC report, the Financial Conduct Authority (FCA), the financial watchdog of the United Kingdom, the world’s sixth-largest economy, intends to implement a full-fledged regulatory regime in 2026.
For now, crypto remains largely unregulated in the country.
For the remainder of 2024, the FCA plans to focus on stablecoins and combating market abuse.
Next year, the regulator plans to cover a wide range of crypto market sectors, such as trading, lending and staking.
The FCA’s final policy statement is expected to be published in 2026.
Related
Earlier this year, the UK’s financial watchdog said the vast majority of cryptocurrencies were failing to meet necessary approval standards.
Little or no protection
In its recent press release, the FCA also reported a notable increase in awareness of cryptocurrencies. A whopping 93% of Brits are now aware of this new asset class.
Notably, a third of those surveyed by the FCA naively believe that they can seek financial protection if something goes wrong with their cryptocurrency holdings. However, the regulator has determined that it is “unlikely” that customers will be protected if things go wrong.
Related
In September, the FCA charged a Londoner with operating a network of illegal cryptocurrency ATMs.
Morocco also regulates crypto
Separately, Morocco is also preparing a law to regulate cryptocurrencies, according to a report published Tuesday by Reuters.
Holding and trading cryptocurrencies was initially banned in the North African country in 2017.
