Key Points:
- The Financial Conduct Authority has announced plans to implement a comprehensive cryptocurrency regulatory framework by 2026.
- The UK financial regulator research shows 7 million UK adults now own cryptoassets, with average holdings rising to £1,842.
The UK financial regulator, the Financial Conduct Authority, said Tuesday that it provided a detailed roadmap to impose a comprehensive regulatory framework on the cryptocurrency industry by 2026.
Read more: UK Financial Conduct Authority Warns Crypto Companies Resist Compliance With New Rules
UK Financial Regulator to Impose Comprehensive Crypto Regulations by 2026
The move makes the UK an undisputed leader in formal crypto regulation, given that its roadmap is fully aligned with the European Union’s Markets in Crypto Assets, or MiCA, which only comes into effect later this year.
Key milestones are outlined in the FCA‘s timeline. The regulator will publish discussion papers covering several critical areas in the fourth quarter of this year, including stablecoin issuance and custody, admission and disclosure standards, and measures to combat market abuse.
In the first half of 2025, further consultation papers will cover trading platforms, lending, intermediation, prudential crypto exposures, and staking rewards—benefits given by companies to holders of certain tokens.
Crypto Ownership in the UK Sees Significant Growth
By 2026, the UK financial regulator intends to finalize and implement its cryptoasset regime after publishing definitive policy statements. The inclusive regime is expected to bring clarity and oversight to a fast-growing sector.
Recent research commissioned by the FCA underlines the growing use of cryptocurrency in the UK: nearly 7 million adults, or about 10% of the overall population, now own digital assets, up 4% over the previous two years. This includes those holding both coins and tokens. The average value of crypto holdings was £1,842 as of August 2024, up from £1,595 in the previous year.
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Source: https://coincu.com/293875-uk-financial-regulator-roll-out-crypto-oversight