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UK to Roll Out Comprehensive Crypto Regulations by 2026

UK to Roll Out Comprehensive Crypto Regulations by 2026

Cryptodnes2024/11/26 16:00
By: Cryptodnes
BTC+0.99%

The U.K. is setting its sights on a robust cryptocurrency regulatory framework, with plans to introduce comprehensive rules by 2026.

This move comes as the country grapples with a rapidly expanding crypto market and an increasing number of people adopting digital currencies.

The Financial Conduct Authority (FCA) has revealed its intention to roll out a series of discussion papers by the end of 2024, tackling crucial topics such as market abuse, disclosures, and stablecoins. In the following year, the FCA will turn its attention to matters like crypto trading platforms, staking, and lending. By 2026, the agency aims to establish a complete regulatory system for the crypto sector, bringing much-needed clarity to the market.

Recent reports from the FCA highlight the growing presence of cryptocurrencies in the U.K., with nearly 10% of the population—around 7 million adults—now owning crypto assets. The surge in interest comes amid global shifts, including a favorable climate in certain regions for crypto growth. The U.K. is eager to ensure that its homegrown startups don’t flock to other nations, particularly the U.S., where crypto regulations have drawn more relaxed policies.

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Economic Secretary Tulip Siddiq has also backed the effort, pledging that the government will introduce draft regulations by early 2025, covering areas such as cryptocurrencies, stablecoins, and staking. This commitment marks the new Labour government’s first official step toward managing the increasingly influential crypto sector. The FCA has emphasized its approach will be collaborative, inviting input from industry players, international regulators, and consumers alike.

The U.K.’s crypto regulations are set to follow closely in the footsteps of the European Union’s Markets in Crypto Assets (MiCA) framework, expected to launch by the end of this year. This alignment signals a growing global consensus on the need for structured oversight in the fast-evolving world of digital assets.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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