According to ChainCatcher and reported by CoinDesk, the UK's Financial Conduct Authority (FCA) released a document on Monday revealing plans to ban the public offering of cryptocurrencies. The government will prohibit unregistered cryptocurrency companies from engaging with UK customers through new legislation, unless they meet the exemption conditions for trading platforms or products.
The document also seeks industry input on aspects such as market access, information disclosure, and market abuse regulation, as part of the preparatory work for developing a comprehensive cryptocurrency regulatory framework. The FCA has been closely monitoring the cryptocurrency sector since 2020 and assessing its anti-money laundering compliance. A draft of the new regulatory framework is expected to be published next year, with plans for implementation in 2026.
The FCA hopes to ensure that consumers have sufficient information to make informed decisions by collecting feedback from the industry and reducing fraudulent activities through market abuse regulation.