The Financial Conduct Authority (FCA) is seeking feedback on its plans to improve transparency in the UK’s cryptocurrency markets. The proposals focus on admissions, disclosures, and market abuse regimes to enhance the integrity of crypto markets and help people make informed financial decisions.
FCA Discusses Market Abuse Prevention
The FCA's Discussion Paper DP24/4 outlines plans for firms to adopt stronger controls to prevent harm and suggests that certain firms, such as authorized crypto trading platforms, share information to prevent market abuse. This could reduce fraud and promote good practices.
The FCA encourages industry input to help shape new disclosure methods that will ensure consumers understand the risks before purchasing crypto. The paper builds on earlier consultations, including insights from FCA-led roundtables with industry participants.
#XDC ????????UK plans for crypto regulation provide welcome clarity | FCA Crypto Roadmap The government plans to engage firms on draft legal provisions for the cryptoasset regime as early as possible in 2025.The FCA has set out a phased approach, starting in Q4 2024 and continuing… pic.twitter.com/Evz4Lbn59k
— Cryptonaire D (@darrinlewisjr) December 11, 2024
FCA Warns Crypto Remains High-Risk
The FCA aims to create a fair and balanced crypto regulatory regime. It is seeking input from government, international partners, industry, and consumers. Feedback is open until March 14, 2025.
The FCA continues to remind the public that while cryptoregulation in the UK is developing, crypto remains largely unregulated and high-risk. Consumers should be prepared to lose all their money if something goes wrong.
FCA Highlights Rising Crypto Awareness
Meanwhile, the FCA has released new research on UK consumer attitudes toward crypto, as reported by Finance Magnates. The study reveals that 12% of UK adults own crypto, up from 10%, and awareness has increased from 91% to 93%. The average value of crypto held rose from £1,595 to £1,842.
Most respondents said family and friends were their main sources of information, and only 10% did no research before purchasing. Despite this, one-third believed they could file a complaint with the FCA, though crypto remains unregulated and high-risk.
This article was written by Tareq Sikder at www.financemagnates.com.
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