The UK’s Financial Conduct Authority has issued a warning to unregistered cryptocurrency firms for their lack of interaction with the regulator in preparation for the new financial promotions regime.
The UK Treasury is aiming to have the law regulating cryptocurrencies in place before the end of 2023.
This week, FCA Director General Nikhil Rathi has reaffirmed the agency’s hardline stance on digital currencies.
Investments in the UK blockchain and fintech industry decreased by almost 50% last year.
After the crash of crypto exchange FTX, the regulator has decided to accelerate the implementation of a mechanism to protect cryptocurrency investors.
The Ministry of Digital Technologies, Culture, Media and Sports of Great Britain plans to turn the country and its capital London into a “crypto center.”
The Prudential Regulation Authority (PRA) of the Bank of England has increased the budget for the upcoming fiscal year.
