⚖️ UK FCA Proposes to Ban Unregulated Companies from Publicly Issuing Cryptocurrencies

The UK's Financial Conduct Authority (FCA) has released a discussion paper proposing various cryptocurrency regulatory measures, now seeking opinions from investors, cryptocurrency companies, industry groups, and relevant professional institutions.

The core of the proposal is to consider banning unregulated companies from publicly issuing cryptocurrencies, and the Treasury has also stated that, apart from companies that meet specific conditions, other unregulated cryptocurrency businesses will be prohibited from raising funds publicly.

This move aligns with the trend of global regulators strengthening control over unregulated securities issuances, as such issuances are often associated with fraud, investor losses, and market manipulation.

The FCA also proposed that authorized digital asset trading platforms share market abuse data to enhance transparency in the cryptocurrency sector and protect user safety. Additionally, it is seeking feedback from all parties on market access, information disclosure, and measures to combat market abuse, with a deadline of March 14, 2025.

Other European countries are also calling for global cooperation in regulating digital assets, with countries like Denmark, Italy, and the Netherlands considering implementing tax monitoring rules to align with EU tax standards.

This document is an important step for the UK in building a cryptocurrency regulatory framework, with a legislative draft expected next year and a complete regulatory framework to be achieved by 2026.

At the time of the document's release, concerns about the regulatory compliance of digital asset companies are growing, with reports indicating that approximately 90% of digital asset entities in the UK do not meet anti-money laundering standards. Regulators are worried that insufficient regulation could expose the financial system to threats from fraud and money laundering.

In October, the FCA was asked to investigate TikTok for allegedly operating an illegal cryptocurrency trading platform, highlighting the increasing vigilance of regulators in protecting financial markets.

Despite facing regulatory challenges, the adoption of virtual assets in the UK remains strong, with about 7 million adults in the UK holding digital assets.

While strengthening regulation, the FCA also faces challenges from more cryptocurrency-friendly jurisdictions, such as a renewed sense of optimism in the US after Donald Trump, a candidate supportive of cryptocurrencies, won the election.

What are your thoughts on the FCA's proposal to ban the public issuance of virtual assets?

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👨‍⚖️ The US state House of Representatives passed the "Bitcoin Rights" bill to clarify the regulatory framework for digital assets!

On October 24, the Pennsylvania State House of Representatives just passed a very important bill called the "Bitcoin Rights" bill. This bill is to give our state Bitcoin and other digital assets clear regulatory rules.

And this bill has received a lot of support, 176 votes in favor and only 26 votes against, which is rare in the current divided political environment!

The purpose of this bill is to protect the rights of ordinary residents like us to hold and use Bitcoin, and it will also tell the public how to tax digital asset transactions. The bill has now been sent to the state senate and will begin review after the November election. If all goes well, Pennsylvania will be able to set its own rules before the federal government figures out how to manage digital assets.

Behind this bill is the support of the Bitcoin advocacy organization Satoshi Action Fund (SAF). They have done similar work in 20 states, and four states have passed similar bills.

The US federal government's regulation of digital assets is still a mess, and the SEC and CFTC are still arguing over who will be in charge. So, this new legislation in Pennsylvania comes at the perfect time.

And did you know that about 1.5 million people, or about 12% of Pennsylvania residents, own digital assets. The passage of this bill could affect the upcoming election, as both parties are eyeing these crypto-friendly voters.

🗣️ Conclusion:

This legislative action in Pennsylvania may be a turning point in the history of cryptocurrency regulation. It not only reflects the state government's forward-looking approach to the field of digital assets, but may also serve as a model for other states and even the federal government. As the legislation moves forward, we may witness the birth of a clearer and more friendly digital asset regulatory environment.

💬 What impact do you think this bill will have on the cryptocurrency market in Pennsylvania and the country? Will it be a catalyst for promoting wider acceptance of digital assets?

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