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As Rishi Sunak takes over as the British’s new Prime Minister in October 2022, he has made crypto one of his main focuses so that the country stays relevant. Let’s see what we can expect from the U.K.’s regulation landscape.
The Vision And The Rules
The Financial Conduct Authority (FCA) issued the guidelines on crypto advertising in June this year after the consultation window for the most comprehensive regulatory regime for cryptoended in April.
One of the most crypto-friendly zones in Europe, the U.K. wants to create a beneficial environment for both service providers and users by establishing clear rules in a timely and proactive manner. While crypto businesses must be transparent about their operation to showcase their resilience as well as sustainability, it’s also required that users are informed of the risks related to crypto – high volatility, scams, hacks – same as any other financial assets in their early days. With their prompt actions, British authorities are removing uncertainties over regulations, a major theme in the list of ‘reasons why crypto growth is hindered’.
Red Light, Green Light, It’s All Yours
Following the issuance of new instructions, some crypto businesses have chosen to withdraw from Britain, for example PayPal, Luno, and Bybit. And Binance already canceled their FCA registration in March 2023. First and foremost, it means the opportunity for the U.K.-based crypto companies to have a competitive advantage with regards to their regulatory strategy. On the other hand, it makes crypto service providers to re-think their businesses: how to help users make effective investment decisions without promoted content?
The one and only answer to this question is product des
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Author: Adrian Barkley
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