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Great Britain: Amendments to the finance law are intended to clarify crypto regulation

 


A proposed amendment to the new Financial Services and Financial Markets Regulation Bill currently being debated in the UK Parliament would expand the scope of the law to also regulate crypto investment solicitation and other cryptocurrency-related activities. The relevant supplement was presented by Parliamentarian Andrew Griffith, who is also Treasury Secretary.


The actual bill , totaling 335 pages, was tabled in July and had its second reading in the House of Commons on September 7th. According to the official summary of the change, it would clarify that:


"[...] the competent authorities responsible for overseeing the promotion of financial investments and regulated financial activities are also responsible for the regulation of cryptocurrencies and cryptocurrency-related activities."

The Financial Conduct Authority (FCA), the British financial regulator, published a letter on August 9 , in which the authority described its strategy for the supervision of "alternative portfolios" - including cryptocurrencies - of financial service providers. In it, the FCA first pushed the buck to politics: “We will only formulate our final regulatory provisions for the advertising of crypto investments once the Ministry of Finance has created the appropriate legal framework to place them within our area of ​​responsibility.”


In fact, most crypto companies are not yet under the supervision of the FCA, although they already have the option to register with it and will be required to do so from next year. However, the previous approval procedure only refers to requirements for combating money laundering and combating the financing of terrorism, which are very difficult for many applicants to comply with.

The British financial regulator had already dealt with advertising for high-risk financial products in August , pointing out that cryptocurrencies can also be risky. However, the authority also emphasized that it is not yet responsible for this. The country's advertising regulator, meanwhile, is far more proactive in regulating the crypto industry.

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