UK Finance is engaging with UK government agencies to shape cryptocurrency regulations, impacting crypto markets by 2026.
The initiative could redefine UK crypto market regulations, potentially influencing global standards, with stakeholders observing potential shifts in legal and financial environments.
UK Sets 2026 Deadline for Crypto Framework
UK Finance is responding to HM Treasury consultations on crypto regulation. The Financial Conduct Authority and HM Treasury are leading this effort to establish guidelines by 2026.
The initiative involves drafting consultation papers focusing on stablecoins, custody, and trading platforms. The regulatory framework will leverage the existing Financial Services and Markets Act.
Exclusions and Potential Asset Impacts
The proposed regulations target cryptoassets and services, potentially influencing assets like fungible cryptoassets. The initiative excludes NFTs and e-money under the FP Amendment Order.
Financial, regulatory, or technological outcomes may align with prior asset regulation approaches. Historical trends, such as the FP Amendment Order, guide the integration of cryptoassets into financial oversight.
June 2023 Order Guides New Regulations
The June 2023 FP Amendment Order set a precedent by incorporating cryptoassets into the Financial Promotions Order. Prior initiatives provide guidance for current implementation.
Experts suggest the regulatory framework may lead to increased cryptoasset legitimacy and transparency. Drawing from prior data and trends, the regulations likely align with international standards.
UK Finance, Industry Trade Association, โUK Finance is actively responding to HM Treasury consultations on crypto regulation.โ URL: UK Financeโs response to HM Treasuryโs โCryptoassets Orderโ
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