UK crypto bill would prohibit foreign services

The regulation changes will increase the financial regulator's authority and increase oversight of the cryptocurrency market.

Despite the incoming Prime Minister Rishi Sunak's verbal support for cryptocurrencies, the planned regulatory framework is expected to increase business monitoring. The legal revisions will likely restrict foreign corporations' operations in the UK while increasing the financial regulator's authority.

The Financial Times said that the FTX collapse had an impact on how the U.K. regulatory system developed. According to reports, the Treasury is putting the finishing touches on a set of regulations that would let the Financial Conduct Authority (FCA) keep an eye on how crypto businesses in the nation operate and advertise. Additionally, there would be limitations on selling cryptocurrency on the UK market from outside.

Although the study doesn't go into further detail on those limits, it is conceivable that they would be put into place to compel the companies to register with the FCA. According to FCA Chief Executive Nikhil Rathi, the process is difficult enough as it is, as 85% of the applicants failed the FCA's anti-money laundering (AML) tests.

The financial services and markets bill includes the guidelines, which are now being written. The substantial measure has already been presented to the British Parliament and contains, but is not limited to, crypto legislation. The FT sources claim that although the U.K. started its consultation on cryptocurrencies in 2021, "fast-moving developments" in the sector may cause it to be delayed until 2023.

But on December 7, a bipartisan Treasury Committee will hear from FCA and Bank of England experts about the dangers of cryptocurrency and the "pros and cons" of central bank-issued cryptocurrency (CBDC). The investigative journalist who covered the investments made by British football fans under the influence of cryptocurrency advertisements will also speak during the session.

Members of the Digital, Culture, Media and Sport Committee launched an inquiry in early November to gather input from the public on the possible advantages and disadvantages of nonfungible tokens, or NFTs, and blockchain technology for the national economy.

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