The Financial Conduct Authority, one of the main financial regulators in the United Kingdom, has created a business strategy that prioritizes crypto market regulation.
The Financial Conduct Authority in the UK has published a business plan listing all its objectives for the next twelve months. The crypto market is also an important part of its agenda. The regulator mentioned it would look into preventing ‘market abuse.’ Regarding crypto market regulation, it would draft a market abuse regime for crypto assets.
Intervention and monitoring systems will also help prevent market abuse, said the plan. The Financial Conduct Authority will also improve these systems to implement its plans effectively. Further, it will develop cross-asset class visualizations and network analysis as part of its superior analytics capabilities.
The FCA said, “We will assist in delivering a proportionate market abuse regime for Crypto Assets and the PISCES [Private intermittent Share and Capital Exchange Service] facility.” The UK crypto sector could most likely benefit from the measures, as the FCA stated they would support innovation.
At the same time, the host of new measures could also help prevent scams and fraud in the sector. The FCA would also conduct awareness campaigns to educate consumers.
UK crypto firms would also have another aspect of their operations under the FCA’s monitoring. The regulator would continue to oversee and regulate crypto promotion by these firms. New rules for crypto promotion and marketing also surfaced around November of last year. The FCA, which was at the forefront of those rules, released a guidance document for UK crypto firms at the time.
The new development of crypto market regulation happened a few days after another event. A week ago, the UK Treasury specified the importance of the FCA in regulating crypto firms.
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