United Kingdom Financial Conduct Authority published its regulations on cryptocurrencies road map amid increasing ownership of digital assets.
It plans to publish its final crypto rules in 2026.
The roadmap also outlines a series of “targeted consultations,” an approach designed to make policymaking transparent and help people participate by making the process more manageable and flexible, according to an article published Tuesday (Nov. 26). press release.
“Our research findings highlight the need for clear regulation that supports a safe, competitive and sustainable crypto sector in the UK. » Matthew Longdirector of payments and digital assets at the FCA, said in the statement. “We want to develop a sector that embraces innovation and is built on market integrity and consumer trust. We are committed to working closely with government, international partners, industry and consumers to help us put future rules in place.
The FCA found that 12% of UK adults own crypto, up from 10% in previous findings, according to the statement. Crypto awareness is also on the rise, from 91% to 93%. Ten percent said they had not conducted any research before buying cryptocurrencies, while a third said they felt they could complain to the FCA if something went wrong and wanted recourse or financial protection.
“Currently, crypto remains largely unregulated in the UK and presents high risk,” the statement said. “If something goes wrong, you are unlikely to be protected, so you should be prepared to lose all your money. »
Meanwhile, crypto players have emerging hope for a new regulatory regime under the administration of President-elect Donald Trump. Trump reportedly met Coinbase CEO Brian Armstrong discuss staff meeting.
During the election campaign, Trump emphasized that once elected, he would create a presidential advisory commission focused on crypto and tasked with developing transparent regulatory guidance in the sector. For years, crypto companies have complained about “regulation by enforcement” under the law. Securities and Exchange Commission (SECOND).
“The largest financial institutions are keen to explore tokenized assets“, Nikola Plécasresponsible for marketing, Visa Crypto, told PYMNTS last month, adding that they will need regulatory certainty do it.
So far, questions have arisen as to whether cryptocurrencies and digital assetsincluding stablecoins, should be governed as securities or banking instruments remain in abeyance.
