The U.K. is set to put through a bill that will give regulators more powers over crypto by spring 2023. camomileshumba reports
power to regulate the sector and protect consumers. Currently, the FCA only has power to ensure crypto companies register with it and comply with its anti-money laundering rules. An amendment was recently approved that will enable the FCA to regulate crypto under the existing promotions rules, which could make it near impossible for crypto firms to advertise to U.K. clients.
It is possible that the bill could end up being passed outside of the Treasury’s expected time frame. No Parliament sites have listed a timeline for the bill's passage yet.The bill could give the Bank of England the country’s central bank power to regulate systemic crypto used for payments and stablecoinsThe Treasury is looking to release a consultation on how it will regulate crypto in the coming weeks.
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