United Kingdom’s Financial Watchdog Solicits Public Input on Crypto Sector Regulation

The United Kingdom’s financial watchdog is asking for the public’s opinion on crypto regulations.

The Financial Conduct Authority (FCA) says it aims to develop a “safe, competitive, and sustainable” digital asset sector.

“Long-term confidence in crypto assets depends on clear regulation to promote market integrity and appropriate consumer protection.

We are seeking input into how the unique aspects of crypto assets should be considered in our future regulatory regime. We want an open discussion on the features of the future regime, with this latest Discussion Paper (DP) seeking views on how we regulate trading platforms, intermediaries, staking, lending and borrowing, and decentralized finance. We are also seeking feedback on the use of credit to purchase crypto assets.”

The regulator says a discussion paper and its proposals were developed after extensive consultation with crypto industry professionals, digital asset consumers and stakeholders in the traditional finance sector.

The FCA aims to restrict credit card usage when buying crypto, and earlier this year, the regulator moved to ban digital asset ads, managing to cut the advertisements down by 50%.

The financial watchdog says it is now making “good progress” with tech companies in regulating the banned advertisements but is still concerned about the prevalence of scams online.

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