UK crypto bill to restrict services from abroad

Despite the United Kingdom’s Conservative Party’s rhetorical embracement of crypto under the new Prime Minister Rishi Sunak, the upcoming regulatory framework will reportedly tighten scrutiny over the industry. The legislation updates will broaden the powers of the financial regulator and probably limit foreign companies’ operations in the United Kingdom.

According to a Financial Times report, the FTX collapse has influenced the course of the regulatory regime in the United Kingdom. Reportedly, the Treasury is finalizing a package of guidelines that will enable the Financial Conduct Authority (FCA) to monitor the operations and advertising of crypto companies in the country. There also would be restrictions on selling crypto on the U.K. market from abroad.

Although the report doesn’t reveal more specifics on those restrictions, assumably, they’d be enforced to force the companies to register with the FCA.