2 years ago
The Financial Conduct Authority said it is adding 80 staff to bolster its efforts to ace down connected companies that bash not conscionable regulatory standards arsenic portion of a three-year strategy to trim user harm, rise standards and summation competition.
The U.K.'s fiscal services regulator said closing down companies that neglect to conscionable basal regulatory standards volition support consumers from imaginable fraud, mediocre attraction and make a amended market.
The U.K. announced connected Monday it plans to make a crypto regulatory bundle and to bring stablecoins into the payments system. In its business plan released Thursday, the FCA said it volition lend to processing the crypto policies and volition see its authorities for stablecoins utilized arsenic payments.
The bureau is 1 of galore regulators worldwide with work for crypto companies, and the announcement comes days aft the Temporary Registration Regime, which allowed them to run successful the U.K. without afloat registration, ended. The firms had until April 1 to get afloat registration, though a prime fewer person been permitted to proceed with temporary registration.
"This leads to questions being raised astir whether these companies volition beryllium capable to proceed operating successful the U.K. market, and what happens to user crypto assets presently held by consumers with these companies," Emma McInnes, the planetary caput of fiscal services astatine probe institution YouGov, said successful an interview, adding:
"We person already seen immoderate companies moving their crypto services operations from the U.K. to different markets, to guarantee they tin proceed offering crypto services to Britons but from extracurricular of the caller U.K. regulatory regime."
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Camomile Shumba is simply a CoinDesk quality newsman based successful the UK. She antecedently worked arsenic an intern for Business Insider and Bloomberg News. She does not presently clasp worth successful immoderate integer currencies oregon projects.
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