{"id":71089,"date":"2022-12-06T17:38:00","date_gmt":"2022-12-06T15:38:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71089"},"modified":"2025-09-08T06:15:25","modified_gmt":"2025-09-08T03:15:25","slug":"uk-to-unveil-new-rules-for-crypto-firms","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/uk-to-unveil-new-rules-for-crypto-firms\/","title":{"rendered":"UK to unveil new rules for crypto firms"},"content":{"rendered":"<p>The UK government will publish new rules governing the digital-asset industry, affecting the sales and marketing of products, according to sources<a href=\\\"https:\/\/www.ft.com\/content\/481d45d8-943e-484b-84ca-3b11f02c0ee4\\\"> Financial Times<\/a>.<\/p>\n<p>In particular, <span data-descr=\\\"Financial Conduct Authority\\\" class=\\\"old_tooltip\\\">FCA<\/span> will be given powers to restrict advertising by overseas organisations.<\/p>\n<p>The regulator will also be able to broaden its monitoring of industry participants to protect consumers from fraud and abuse.<\/p>\n<p>The proposals will complement<a href=\"https:\/\/u1f987.com\/en\/news\/uk-to-classify-cryptocurrencies-as-financial-instruments\"> the Financial Services and Markets Bill<\/a>, which is before Parliament. Its provisions include, among other things, stablecoins and other crypto assets.<\/p>\n<p>The Block quoted the view of CryptoUK chief Ian Taylor. The specialist called <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX collapse<\/a> as an example of the risk arising from the lack of a proper regulatory framework for crypto trading venues and service providers.<\/p>\n<p>FT sources suggested that the timetable for launching consultations could be moved to early 2023 due to rapidly changing events in the industry.<\/p>\n<p>The newspaper cited data from the regulator showing that 85% of applicants seeking inclusion on the crypto firms register failed the anti-money-laundering test.<\/p>\n<p>Earlier, Deputy Governor of the Bank of England John Cunliffe <a href=\"https:\/\/u1f987.com\/en\/news\/bank-of-england-calls-for-regulating-cryptocurrencies-in-line-with-traditional-markets\">proposed<\/a> regulating digital assets in line with traditional finance. Previously the Bank of England <a href=\\\"https:\/\/forklog.news\/tsb-velikobritanii-predstavil-podhod-k-regulirovaniyu-kriptovalyut\/\\\">presented an approach to regulating cryptocurrencies<\/a> focusing on future risks to financial stability.<\/p>\n<p>The EU plans to <a href=\"https:\/\/u1f987.com\/en\/news\/eu-to-allow-blocking-of-advertising-for-offshore-crypto-services\">allow<\/a> member states to block advertising and websites of unauthorised organisations linked to digital assets.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"\/\/telegram.me\/forklog\u201d\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK government will publish new rules governing the digital-asset industry, affecting the sales and marketing of products, according to Financial Times sources.<\/p>\n","protected":false},"author":1,"featured_media":71090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,810],"class_list":["post-71089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-united-kingdom"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71089"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71089\/revisions"}],"predecessor-version":[{"id":71091,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71089\/revisions\/71091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71090"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}