Crypto
UK's bold new crypto rules promise to unlock global trading, but huge compliance hurdles still threaten the rollout
The U.K.
Key takeaways
- The FCA's final crypto rules are a major milestone for regulatory clarity and U.K. competitiveness.
- The QCATP model allows overseas exchanges to serve U.K. customers through locally authorized branches.
- The FCA has not yet specified which jurisdictions meet its standard of comparable regulatory protection.
- There is a very high risk of failure for firms seeking authorization under the new regime.
- The new framework provides the legal certainty needed for traditional financial institutions to adopt blockchain.
The U.K. Financial Conduct Authority (FCA) has unveiled its new cryptocurrency regulatory framework, which preserves access to global liquidity and allows non-U.K.-issued stablecoins to circulate. While praised for its competitiveness compared to the EU's MiCA, industry experts warn of significant compliance hurdles, unresolved questions regarding DeFi, and a historically high 85% rejection rate for FCA registrations.
In their words
“The publication of the FCA's final crypto rules is a major milestone for regulatory clarity and a strong outcome for the U.K.'s competitiveness in digital asset innovation”
“You need legal clarity, operational resilience, proper governance and rules that investors and institutions can recognise.”
By the numbers
- 85%
- FCA rejection or withdrawal rate for AML registration
How it unfolded
- FCA unveiled its cryptocurrency regulatory framework
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#United Kingdom
#European Union
#Financial Conduct Authority
#Katie Harries
#Christopher Collins
#Katten Muchin Rosenman
#Thomas Cattee
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