UK to Restrict Crypto Services From Abroad
The UK Treasury is reportedly finalising a package of guidelines that will increase regulatory scrutiny of the crypto industry and enable the Financial Conduct Authority (FCA) to monitor the operations and advertising of crypto companies in the country. Additionally, the new regulatory framework will broaden the powers of the financial regulator and probably limit foreign companies’ operations in the United Kingdom and restrict their ability to sell crypto on the U.K. market from abroad. The precise details of these restrictions are not yet known, but they would presumably require overseas crypto companies to register with the FCA. The guidelines are being prepared as a part of the Financial Services and Markets Bill, which includes but is not limited to crypto regulation and has already been introduced to the British Parliament.