Odaily Planet Daily News According to a statement on December 16, the UK's Financial Conduct Authority (FCA) has launched a public consultation aimed at refining cryptocurrency regulation. This initiative indicates that the FCA is committed to developing a balanced framework to foster innovation while addressing the risks in the cryptocurrency sector. It seeks to tackle urgent challenges such as market abuse, financial fraud, and unclear disclosures that undermine consumer trust. These proposals also aim to introduce measures that enhance transparency and ensure fair trading practices. By providing clear guidance, the FCA hopes to establish a trustworthy and sustainable cryptocurrency market in the UK, encouraging growth and long-term investment. The FCA stated, "We also propose that certain companies, such as authorized cryptocurrency trading platforms, share information with each other to help prevent suspicious market abuse. This will reduce fraud and contribute to promoting good practices in the industry." This consultation is part of a broader strategy by the UK government to establish a robust legal framework for cryptocurrencies. The framework is based on preliminary plans announced in 2023 and will ultimately cover trading activities, stablecoin regulation, asset custody, and more. A draft regulation is expected to be published in 2025, with full implementation of the system by 2026. The public consultation will take place from December 16 to March 14, 2025, and the FCA urges companies, legal experts, and individuals from across the industry to provide feedback. (CryptoSlate) Yesterday, it was reported that the UK Financial Conduct Authority (FCA) stated in a document regarding the forthcoming cryptocurrency regulatory system that the UK intends to legislate to prohibit the public offering of cryptocurrencies. This law will draw on the UK's promotional rules, banning unregistered cryptocurrency companies from approaching UK customers. Only cryptocurrency trading platforms and products that meet exemption criteria will be exempt from this restriction.