On Tuesday, UK’s top financial regulator – Financial Conduct Authority (FCA) – that it would finalize crypto regulations rules by 2026. The announcement comes as the Keir Starmer government seeks to catch up with global regulatory developments in the crypto space. Furthermore, the victory of Donald Trump in the US Elections 2024 can lead to a major overhaul of crypto’s global regulatory landscape.
UK FCA to Begin Consultation on Crypto Regulations
In an official statement on Tuesday, November 26, UK’s FCA announced that they would kickstart consultations for crypto regulations through a series of discussion papers this quarter itself.
The goal is to bring clear crypto rules for trading platforms, market abuse, crypto lending as well as stablecoins among other areas. In an interview with Bloomberg, Matthew Long, the FCA’s director of payments and digital assets said:
“We’ve had many, many good conversations recently with industry about how we’re going to learn from regulation around the world”.
The recent development comes as US President-elect Donald Trump has begun preparations to overhaul the crypto regulatory landscape in the US. During his election campaign, Trump promised to bring crypto-friendly policies to the US thereby allowing innovation to thrive. Reportedly, the Trump administration will also work on building a strategic Bitcoin reserve for the United States next year.
The Donald Trump administration is already working to have a crypto czar position at the White House with reports emerging of Ripple CEO Brad Garlinghouse being a potential candidate for the same.
UK Accelerates to Bring Clear Crypto Rules
The UK is striving to catch up after financial hubs like Hong Kong, Singapore, and the United Arab Emirates introduced crypto regulations in recent years. The European Union’s crypto industry regulations – Market in Crypto Assets (MiCA) – are set to take full effect by the end of the year.
As the US has re-elected crypto advocate Donald Trump to another term, it puts added pressure on Starmer’s government to accelerate its own efforts. Soon after the Donald Trump victory, the UK government started working on introducing clear crypto rules for its local investors.
Reports suggest that the UK FCA and the UK government have already prioritized legislation on fiat-pegged stablecoins. The new legislation will feature exemptions for certain services, particularly those involving staking and custodial wallets. The Treasury’s proposed regulations aim to provide essential clarity, positioning the UK as a more attractive destination for companies in the digital assets sector.
The post Just In: UK’s FCA To Publish Complete Crypto Regulations By 2026 appeared first on CoinGape.
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