The UK’s Financial Conduct Authority (FCA) has unveiled an ambitious plan to establish a comprehensive regulatory framework for cryptocurrencies by 2026. This initiative aims to address market abuse, decentralized asset oversight, and trading platform governance, striking a balance between innovation and investor protection.
The Reform Blueprint
By late 2024, the FCA will release a discussion paper focusing on stablecoin rules, market access, disclosures, and market abuse. Early 2025 will bring additional consultations on trading platforms, lending, and staking rewards. These steps set the stage for the final policy statement, ensuring the framework’s full implementation by 2026.
Broad Stakeholder Engagement
Matthew Long, FCA’s Director of Payments and Digital Assets, noted that over 100 organizations, including crypto exchanges, banks, universities, and the U.S. SEC, participated in discussions. Key topics included access mechanisms, challenges in decentralized asset disclosures, and market abuse. Participants emphasized the need for a flexible, industry-led disclosure system and solutions for compliance issues specific to decentralized assets.
Focus on Trading Platforms
The FCA explored complexities around trading platforms, such as best execution standards and conflicts of interest when platforms issue their tokens. Progress has been made through IOSCO to establish global standards and develop a market abuse information-sharing platform in collaboration with the industry.
Looking Ahead
This initiative underscores FCA’s commitment to creating a regulatory environment that fosters innovation while ensuring robust investor protection. As the policy framework takes shape, the crypto market is set to gain greater transparency and stability, paving the way for sustainable growth.
News Source:bitcoin.com，This article does not represent our position.
