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cryptonews 2024-12-16 16:48:59

UK’s FCA Proposes Strict Crypto Regulations to Combat Market Risks

The UK’s financial regulator, the Financial Conduct Authority (FCA), has proposed new strict crypto regulations to curb risks within the digital asset market. According to a recent discussion paper released on December 16, the financial watchdog plans to outlaw public crypto offerings by non-regulated entities. The UK's Financial Conduct Authority (FCA) released a discussion paper (not law!), which sets out a crypto regulatory roadmap and an initial steer on how the FCA may regulate crypto & crypto asset public offerings (ICOs) A brief overview, link to paper & brief analysis below pic.twitter.com/8awdyTB2vZ — Andre Omietanski (@punk6052) December 16, 2024 UK Suggests Public Discussion on Cryptocurrencies The FCA’s proposed restrictions aim to protect consumers and ensure that crypto-related promotions are regulated and compliant with financial laws. The FCA invites public and crypto industry feedback regarding its newly proposed crypto regulations. The consultations are open until March 2025. The measures are part of a broader strategy to create a comprehensive crypto regulatory framework by 2026. To prevent market abuse, the FCA has suggested that authorized firms share information and implement stringent controls to detect suspicious activities. “We are also suggesting certain firms, like authorized crypto trading platforms, share information with each other to help stop suspected market abuse.” FCA Statement The regulator has also taken action against platforms operating without proper authorization. On December 3, the FCA restricted access to Pump.fun , warning that the platform might offer financial services without approval and pose significant risks to UK users. Current Crypto Legislation in the UK The upcoming legislation expands on the FCA’s earlier rules introduced in 2023, which prohibited unregistered crypto entities from marketing or promoting their services to UK citizens. Since 2020, the FCA has been actively monitoring compliance with anti-money laundering regulations in the crypto sector. In addition to the FCA’s warning, a recent report highlighted that the UK is among the top countries for crypto scams and failed projects , accounting for 7% of global crypto scams between January 2022 and October 2024. This report stressed that rapid market growth in regions like the UK often creates opportunities for fraudulent schemes, underlining the importance of strict regulatory measures to protect investors. The UK government views these new crypto regulations as essential for creating a safer environment for investors. According to the FCA, these rules are designed to “set out proposals for firms to introduce strong controls that prevent harm.” The post UK’s FCA Proposes Strict Crypto Regulations to Combat Market Risks appeared first on Cryptonews .

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