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Blockonomi
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UK Regulator Prepares for More Comprehensive Crypto Oversight by 2026
- The UK’s Financial Conduct Authority (FCA) plans to implement a more stringent regulatory regime for crypto firms by 2026, requiring existing firms to seek fresh authorization.
- Only 14% of crypto firms have passed the current anti-money laundering registration process out of 368 applications made since 2020.
- Coinbase recently obtained FCA registration, allowing it to provide cryptocurrency and cash services in the UK.
- FCA chief Nikhil Rathi expressed concerns about young people investing in high-risk cryptocurrencies over traditional financial products.
- 12% of UK adults now own cryptocurrency, indicating an increase from 10% in previous surveys, showcasing growing crypto adoption in the UK.
- The FCA's upcoming regulatory framework will cover stablecoins, trading platforms, and staking services, requiring specific permission for these activities.
- The FCA plans to publish several consultation papers addressing stablecoins, trading platforms, staking, and prudential crypto exposure before the new regime's launch in 2026.
- Coinbase's UK CEO expressed enthusiasm about the FCA registration, enabling the company to offer a broader range of products and services to UK consumers.
- The FCA is studying international models while developing its regulatory approach, aiming to align with global best practices.
- Despite concerns about the risks associated with crypto investments, the UK's crypto ecosystem is evolving, with increased awareness and ownership among UK citizens.
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