• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home General News

UK Cryptocurrency Bill Will Restrict Foreign Services

Hania by Hania
December 7, 2022
in General News, Bitcoin News
Reading Time: 4 mins read
A A
0
New Crypto Regulations With A Consumer Protection Objective Are Proposed By The UK Finance Ministry
Tweet

In Brief:

  • You May Also Like:
  • Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures
  • Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

The regulation changes will increase the financial regulator’s authority and increase oversight of the cryptocurrency market.

Despite the rhetorical acceptance of cryptocurrency by the Conservative Party in the UK under the new Prime Minister Rishi Sunak, the future regulatory framework is expected to increase monitoring of the sector.

The legislative updates will likely restrict foreign companies’ operations in the UK while increasing the financial regulator’s authority.

The Financial Times reported that the FTX collapse had an impact on the way the UK’s regulatory system formed.

You May Also Like:

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

June 2, 2023
Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023

According to reports, the Treasury is completing the final steps on a set of regulations that would let the Financial Conduct Authority (FCA) keep an eye on how crypto firms in the nation operate and advertise. Additionally, there would be limitations on selling cryptocurrency on the UK market from abroad.

UK Cryptocurrency Bill Will Restrict Foreign Services

Although the study doesn’t go into further detail on those limits, it is conceivable that they would be put into place to compel the companies to register with the FCA. According to FCA Chief Executive Nikhil Rathi, the process is difficult enough as it is, as 85% of the applicants failed the FCA’s Anti-Money Laundering (AML) tests.

The financial services and markets bill includes the guidelines, that are currently being prepared. The significant bill has been presented to the British Parliament which includes, but is not limited to, crypto legislation.

The FT sources claim that although the U.K. launched its consultation on cryptocurrencies in 2021, “fast-moving events” in the sector may cause it to be delayed until 2023.

UK Cryptocurrency Bill Will Restrict Foreign Services

However, on December 7, the cross-party Treasury Committee will hear from FCA and Bank of England experts about the risks of cryptocurrencies and the “pros and cons” of central bank digital currency (CBDC).

The investigative journalist who covered the investments made by British football fans under the influence of cryptocurrency advertisements will also speak during the session.

Members of the Digital, Culture, Media and Sport Committee launched an inquiry in early November to gather input from the public on the possible benefits and drawbacks of nonfungible tokens, or NFTs, and blockchain technology for the country’s economy.

Tags: Bank of Englandcrypto billcryptocurrencyregulation
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures
Crypto Exchanges

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

June 2, 2023
Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead
General News

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023
Crypto.com Obtained Digital Token License In Singapore
General News

Crypto.com Obtained Digital Token License In Singapore

June 1, 2023
Crypto Investments You Should Avoid in June 2023
Bitcoin News

Crypto Investments You Should Avoid in June 2023

May 30, 2023
Binance Australia Selling Bitcoin $5K Cheaper As Fiat Ramp Closes
Bitcoin News

Binance Australia Selling Bitcoin $5K Cheaper As Fiat Ramp Closes

May 30, 2023
Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam
General News

Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam

May 29, 2023
Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether
Ethereum

Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether

May 29, 2023
South Korean Politicians Now Required to Declare Bitcoin Holdings
Regulation

South Korean Politicians Now Required to Declare Bitcoin Holdings

May 26, 2023
Binance Will Stop Crypto Services In Japan From November 30
Bitcoin News

Binance Freezes $4.4 Million Cryptocurrency Linked To North Korean Hackers

May 25, 2023
Load More
  • Trending
  • Comments
  • Latest
idmining cloud mining

The New Era of Passive Income Brings Another Amazing Opportunity To Make Money With IDMining

May 5, 2023
Passive Income HappyMiner

Earn Passive Income Cloud Mining With HappyMiner – A Quick Guide!

May 8, 2023
Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

May 19, 2023
76 Cryptocurrencies Are Now Prohibited, Beware!

76 Cryptocurrencies Are Now Prohibited, Beware!

May 11, 2023
Sparklo (SPRK) Top Profitable Investments

Rising Market Reputation for Sparklo (SPRK) While Dogecoin (DOGE) And Solana (SOL) Witness Varying Price Trends

June 5, 2023
Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

June 5, 2023
Atomic Wallet Hacked, Users Lost Entire Portfolios

Atomic Wallet Hacked, Users Lost Entire Portfolios

June 5, 2023
sparklo finanace presale

Sparklo (SPRK) Presale Advances As Litecoin (LTC) Prices Explode

June 4, 2023
ADVERTISEMENT
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In