The Financial Conduct Authority (FCA), the UK’s financial regulator, confirmed on Wednesday that it wants to regulate the cryptocurrency market by 2026. The implementation will take place by 2026 as crypto ownership is growing across the island nation. The FCA plans to release a road map of the plan to the public and oversee the broader industry.
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The plan to regulate the cryptocurrency market comes after ownership of the digital asset grew by 4% in the UK in two years. The development has made the Economic Secretary Tulip Sidiq take the regulatory attempt seriously.
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The agency also plans to publish papers on cryptocurrency market abuse and disclosures next month to keep the public aware. In addition, research papers on stablecoins, staking, trading platforms, and lending will be published by the end of next year.
FCA said that it aims to be “transparent” and work closely with the UK government and stakeholders to regulate the cryptocurrency market. “We’re committed to working closely with the Government, international partners, industry, and consumers to help us get the future rules right,” said Matthew Long, Director of Payments and Digital Assets at the FCA.
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UK Cryptocurrency Market: Rules & Regulations By 2026
The UK will be the first country in the European Union to regulate the cryptocurrency market by 2026 officially. Around seven million people in the UK own some form of digital assets despite it being shrouded with negativity. Once the regulations fall in place, many other countries in Europe could take the stance of overseeing the markets.
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The cryptocurrency market, which was started as a decentralized market, is now coming under the purview of the UK government. The line between centralized and decentralized is becoming thin as the market is spreading its wings across the world. The US and other Western nations are yet to consider regulating the crypto regime.
