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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 17, 2024 07:20 UTC
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UK’s New Crypto Rules Could End “Market Abuse” for Good – Here’s How
The UK's Financial Conduct Authority (FCA) has issued a discussion paper proposing new rules for crypto-asset markets.
The FCA aims to strengthen the regulatory framework for crypto-assets by introducing stricter admission and disclosure requirements.
Despite the regulatory efforts, the FCA emphasizes the inherent risks associated with crypto-assets.
The UK’s crypto market has faced increasing concerns over market abuse and lack of transparency, raising questions about its future. To tackle these issues head-on, the Financial Conduct Authority (FCA) has released a new discussion paper outlining a bold step toward more effective regulation. This move, part of a larger regulatory overhaul, promises clearer rules aimed at protecting investors and ensuring the integrity of crypto markets.
What lies ahead for the future of crypto in the UK? Let’s dive in.
A Step Toward Cleaner & Safer Crypto-Markets
Published on December 16, 2024, the discussion paper presents proposals to improve the process for admissions, disclosures, and to update the market abuse rules in the crypto space. The FCA’s goal is to enhance transparency and fairness in crypto trading.
The FCA has recently introduced stricter measures to prevent fraudulent behavior, ensure fairness, and help consumers make informed financial decisions. The discussion paper supports stronger internal controls over authorized crypto trading and better information sharing to prevent market abuse.
“The proposed rules for admissions and disclosures and market abuse regimes are essential in enhancing the cleanliness of the Crypto Markets and contributing to the best efforts of consumers to make sound financial decisions,”
- Also Read :
- Crypto Regulations in the United Kingdom 2024
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FCA Cracks Down – Hard!
Despite these regulatory efforts, the FCA warns that the crypto sector remains risky. The watchdog has repeatedly stated that crypto assets are highly speculative, and there is no guarantee of investor protection.
“The worst is that you won’t be shielded in case of something going wrong or you would be ready to lose all your funds,” the FCA warned.
The FCA’s call for feedback comes as it steps up efforts to remove rogue players from the crypto market. In the first quarter of this year, only 10% of firm applications were approved due to weak anti-money laundering (AML) standards. Additionally, the FCA issued more than 450 warnings about unauthorized crypto promotions.
Building a Safer Crypto Ecosystem
This discussion paper marks an important step in the UK’s efforts to create a responsible, secure environment for cryptocurrencies and crypto-assets. The FCA aims to find a balance between fostering innovation, which is crucial for the growth of crypto assets, and ensuring the industry operates within a secure framework.
This is essential for building a cleaner and more trustworthy crypto ecosystem in the UK. We look forward to these changes!
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