The Financial Conduct Authority in the United Kingdom has said it would consider an extension of time for crypto compliance measures by firms in the industry.
The Financial Conduct Authority has released a note on crypto compliance recently. It mentioned it was considering allowing crypto firms time till January 2024 for certain measures. Meanwhile, the crypto industry has to follow all the other required rules by October 2023.
“As a proportionate regulator, we’re giving firms that apply a little more time to get the other reforms requiring technology and business change right,” said Lucy Castledine, FCA’s Director of Consumer Investments.
The new rules regarding crypto firms in the UK would mainly include promotional activities. Firms would have to adhere to fair promotions with the required information. Moreover, crypto firms in the UK also have to register with the FCA for all crypto-related activities.
The UK government has been steadily introducing measures to aid the crypto industry. Back in July, it refused to compare crypto with gambling. A committee has suggested measures to prevent illegal activities in the sector. But, it would have enhanced bottlenecks for the industry with the government.
Moreover, regulation in the UK for crypto has progressed much faster than others. It has led to a positive effect on the digital pound, which could be a beneficial move for the country. UK lobbyists also raised the issue of the interoperability of the digital pound in 2023.