The UK Financial Conduct Authority will determine its legislative policy regarding cryptocurrency before the end of the year. FCA announced it in the business plan for 2018/2019, which appears half a year after the publication of a warning that companies offering crypto services and crypto assets must be authorized.
FCA said:
“Cryptocurrencies themselves (i.e. those designed primarily as a means of payment/exchange) are not currently within our regulatory perimeter. However, some models of use or packaging cryptocurrencies bring them within our perimeter, making the landscape complex…We will work with the Bank of England and the Treasury as part of a taskforce to develop thinking and publish a Discussion Paper later this year outlining our policy thinking on cryptocurrencies.”
Enterprises associated with digital assets are growing rapidly. FCA has the right to control crypto projects, including futures contracts. Lawmakers in the country recently asked the government to stop its current threats and to adjust the crypto sphere and stop the trends of the “Wild West”. The authorities in the country seek to regulate areas in which the FCA doesn’t have a regulatory mandate.
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