According to CoinDesk, the Financial Conduct Authority (FCA) plays a pivotal role in determining the operational landscape for cryptocurrency firms in the United Kingdom. At the helm of this regulatory body is Matthew Long, the FCA's director of payments and digital assets. Under Long's leadership, the FCA has implemented a stringent regulatory framework that mandates compliance with anti-money laundering regulations. As a result, only four cryptocurrency firms have been granted approval to conduct business in the UK in 2024, out of a total of 365 applicants.
The authority of the FCA is poised to expand further. Long, who is responsible for policy development within the crypto sector, has conducted a series of roundtable discussions earlier this year focusing on the UK's forthcoming crypto regulatory framework. The FCA has announced plans to release a series of papers aimed at soliciting industry feedback on various aspects such as stablecoins, trading platforms, and staking. The objective is to establish definitive regulations for the sector by 2026.
Matthew Long's role involves constructing a more comprehensive regulatory framework with additional permissions and a new authorization regime. This development leaves the cryptocurrency industry in anticipation, as firms await the opportunity to gain entry into the UK market under the new regulations.
