PANews reported on December 16, according to CoinDesk, that the UK's Financial Conduct Authority (FCA) stated on Monday in a document regarding the upcoming cryptocurrency regulatory framework that the UK intends to ban public offerings of cryptocurrencies. The government will introduce legislation to prohibit the public sale of cryptocurrencies, which will draw from the UK's promotional rules, preventing unregistered cryptocurrency companies from approaching UK customers. Only cryptocurrency asset trading platforms and products that meet exemption criteria will be exempt from these restrictions.
The document also solicits opinions from the industry on aspects such as market access, information disclosure, and market abuse regulation systems. This is one of the many documents published by the regulatory agency as it prepares to develop a comprehensive cryptocurrency regulatory framework. The Financial Conduct Authority (FCA) is the main regulatory body in the UK responsible for overseeing domestic financial activities, including cryptocurrencies. Since 2020, the agency has been closely monitoring the industry's developments and assessing its compliance with anti-money laundering regulations. However, with the upcoming regulatory draft next year, the agency plans to implement a new regulatory system by 2026. In this process, the agency needs feedback from the industry to ensure that consumers can obtain the information necessary to make informed decisions and to share plans to reduce fraud through the market abuse regulatory system.
