The United Kingdom is planning to release new regulatory power for the leading regulatory bodies, to gain more control on the crypto sector.
The UK is a tech-adaptive region in the world and also the members of the UK showed a significant inclination toward crypto adoption in different ways under the compliance ecosystem. The financial conduct authority (FCA) is a leading financial regulatory body in the UK and also this agency issues digital assets regimes for the crypto companies under a strong regulatory framework, which remains very tough for the crypto companies to pass. At present averagly two dozen crypto companies are available in the UK which provide services under full regulatory approval.
On 5 December, Financial Times reported that the government agencies of the UK are working to issue new crypto regulatory policies for many government agencies, which will increase the strength of the Govt agencies to interfere in the activities going on in the crypto sector.
In particular, new power will allow the ability for FCA agency to figure out & study the backend operations of the crypto companies.
And also the regulators will have the ability to clamp down the inappropriate advertisements of the crypto companies outside the UK.
Proposed new regulatory policies will also define the stablecoins & crypto assets under the current laws & policies in the UK’s financial sector post-Brexit.
For a long time, many crypto proponents of the UK forced the lawmakers & policymakers to create a more comprehensive framework in the UK more likely to Market in Crypto (MiCA), a single crypto regulatory framework designer in the European Union (EU).
At present, FCA is totally against giving regulatory approval to any crypto company to operate services in the UK. The FCA officials claim that laws & policies in the UK are very strict and it makes it very tough for the crypto companies to pass all the standards.