Coinspeaker
United Kingdom Wants Crypto Firms to Be More Responsible as FCA Seeks More Regulatory Powers
The United Kingdom’s Financial Conduct Authority (FCA) is currently formulating a new set of requirements for crypto-based firms in the region. According to the regulator, it might no longer suffice that a firm has cleared anti-money laundering requirements and obtained an operational license.
So, to this end, the FCA is seeking to create new rules that will foster prudence among crypto firms. The FCA revealed the plans in its annual report which was published Thursday.
However, the FCA also noted that the new prudential rules it intends to float will only come to light when the Treasury and Parliament eventually bring those activities under its regulatory authority.
As of publication, what timeline the FCA will receive this regulatory power remains unclear.
United Kingdom Eyes Becoming a Global Crypto Hub
Meanwhile, it is worth mentioning that the FCA has already put a prudential
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