PANews reported on December 16 that according to CoinDesk, the UK Financial Conduct Authority (FCA) stated on Monday in a document on the upcoming cryptocurrency regulatory system that the UK intends to ban the public offering of cryptocurrencies. The government will enact laws to ban the public sale of cryptocurrencies, which will draw on the UK's promotional rules to prohibit unregistered cryptocurrency companies from approaching UK customers. Only crypto asset trading platforms and products that meet the exemption conditions are not subject to this restriction.
The document, which also seeks industry input on market access, disclosure, and a market abuse regulatory regime, is one of many published by regulators as they prepare to develop a comprehensive cryptocurrency regulatory regime. The Financial Conduct Authority is the UK's lead regulator for overseeing domestic financial activities, including cryptocurrencies. Since 2020, the agency has been closely monitoring developments in the industry and assessing its compliance with anti-money laundering regulations. However, with the release of draft regulations next year, the agency plans to implement a new regulatory regime in 2026. In the process, the agency needs feedback from the industry to ensure consumers have access to the information they need to make informed decisions and share plans to reduce fraud through a market abuse regulatory regime.
