On October 8th, Britain issued regulations governing the promotion of crypto assets, resulting in confused acceptance from the industry. To assist firms aligned to the new UK rulings, the FCA issued ‘non-handbook guidance’ on November 2. Lucy Castledine of the Consumer Investments Branch declared that this guidance was specially designed to guarantee compliance among crypto firms, answering to the same rules utilized for riskier investments. Despite their suppport of the cryptocurrency sector, some market reps have struggled to adjust to their new obligations and pulled-out of the U.K. due to this.
The new 32-page report, of which FCA expressed responses to during the consultation stage, goes beyond requiring fresh obligations of digital asset enterprises. Included is a new ‘secondary international competitiveness objective’ that closely examines nation-wide conduct. Aside from overseeing essential rules and other procured documents, the firm presented answers to past queries from the same individuals. Set forth on September 1 was the “Financial Action Task Force” Travel Rule, and soon Parliament will convene to overview regulating stablecoins.
