The UK is set to ban public offerings of crypto, the Financial Conduct Authority said in a paper on the crypto regime that arrived on Monday.
Legislation will be passed to ban public offerings of crypto based on rules preventing unregistered crypto firms from promoting crypto-firms in the UK. Addressing UK customers. Only crypto asset trading platforms and offers for exemptions may not be subject to this.
CoinDesk has reached out to the Treasury for information on whether this applies to regulated companies, as the FCA was unable to comment.
The paper asks for industry input on market access and disclosure, as well as a market abuse regime, and is one of many more documents to come from the regulator as it prepares for its crypto regime.
The FCA is the UK’s regulatory body, which oversees financial activities in the country, including crypto. He has been monitoring the industry since 2020 to see how it will comply with anti-money laundering regulations, but he plans to launch. A new regime in 2026 after the implementation of the draft regulations to be released next year.
It will need industry input on how it can ensure consumers have the information they need to make informed decisions, as well as plans to reduce fraud through the market abuse regime.
Read more: Matthew Long: UK Crypto Gatekeeper
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