- Financial Conduct Authority (FCA) to oversee crypto companies’ activities in the UK
- FTX has impacted the direction of the U.K.’s regulatory framework
- The law will likely restrict foreign corporations’ operations in the United Kingdom
As reported in the Financial Times, the collapse of FTX has impacted the direction of the U.K.’s regulatory framework. Financial Conduct Authority (FCA) monitoring will be supported by guidelines created by the Treasury to enable the FCA to oversee cryptocurrency companies’ advertising and activities in the United Kingdom.
In addition, the forthcoming regulatory framework will purportedly increase industry oversight. The amendments to the law will expand the financial regulator’s authority and likely restrict foreign corporations’ operations in the United Kingdom.
This law limitation is likely enforced to compel corporations to register with the FCA, although the study does not provide any details. According to the FCA’s chief executive Nikhil Rathi, 85 percent of applicants failed the anti-money-laundering (AML) exams.
The recommendations are being developed in conjunction with the financial services and markets bill. The extensive bill, which covers but is not limited to crypto legislation, has already been introduced in the British Parliament. According to sources, the U.K. initiated its consultation on cryptocurrencies in 2021. However, due to rapidly changing events in the market, the consultation could be delayed until 2023.
In other news, Jim Cramer, the host of CNBC and Mad Money, told investors that they still have time to liquidate their crypto holdings. Cramer warned investors to sell their cryptos before it’s too late, predicting a market crash in 2023. He said it’s never too late to sell cryptocurrency and hop ship while prices are still regarded as high.
Cramer has advised against remaining in speculative assets as the Fed tightens the economy. He reiterates his point, saying that the increased market capitalization of some currencies should not mislead investors.
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