U.K. Financial Regulator Aims for Crypto Regime by 2026
Author: Content Editor
The U.K.'s financial regulator, the Financial Conduct Authority (FCA), has announced plans to implement a crypto regime by 2026 to regulate the growing crypto ownership in the country. The FCA will release discussion papers on various topics such as market abuse, stablecoins, trading platforms, and more in the coming months. A recent study commissioned by the FCA showed that the ownership of crypto assets in the U.K. has grown by 4% in the past two years, with approximately 7 million adults holding crypto out of a population of 68 million. This announcement follows a speech by Economic Secretary Tulip Sidiq, who promised draft regulations for cryptocurrencies, stablecoins, and staking by early 2023. The FCA's roadmap is aimed at being transparent and gaining industry support. The U.K.'s crypto regime will align with the European Unions Markets in Crypto Assets (MiCA) regulations, which are set to go live later this year.