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The Financial Conduct Authority (FCA) on Monday published a discussion paper with proposals for a stablecoin regime. Though the country’s Conservative government has said it wants the U.K. to be a crypto hub and has managed to push through legislation that lets stablecoins be regulated as a means of payment,
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A suite of documents was published in the United Kingdom on Nov. 6 that concern stablecoin regulation. The Financial Conduct Authority (FCA) released a discussion paper, as did the Bank of England (BOE). To accompany those, the BOE’s Prudential Regulatory Authority (PRA) released a letter to CEOs of deposit-taking institutions,
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Rules for crypto asset promotion that came into force in the United Kingdom on Oct. 8 have led to some confusion, judging from the low level of compliance. The Financial Conduct Authority (FCA) responded with additional guidance for crypto firms to help them fall into line.The FCA released “finalized non-handbook
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The Financial Conduct Authority’s new regime took effect on Oct. 8, and the regulator has been consulting on guidance since June. Under the new rules, firms are required to include appropriate risk warnings on all their communications to U.K. customers that have a “promotional” element. Source
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Landing on the register, which opened in 2020, means PayPal can also approve its own crypto-related communications under the recently imposed marketing regime. In August, PayPal announced that it was temporarily pausing crypto purchases in the country to comply with the regime. Original Source
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Crypto-promoting firms have breached the United Kingdom’s new crypto marketing rules at least 221 times since coming into force in early October, says the country’s financial regulator. In an Oct. 25 statement, the U.K. Financial Conduct Authority (FCA) said since the Oct. 8 crypto promotion rules came into place, firms
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"We expect authorized firms approving the financial promotions of cryptoasset firms to take their regulatory obligations seriously," the FCA said, adding that it's working with social media platforms, apps, search engines and other entities to block illegal promotions in the country. Original Source
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Marinade Finance, the largest decentralized finance (DeFi) protocol running on the Solana blockchain, has reportedly started blocking users from the United Kingdom. U.K. customers discovered the problem on Oct. 23. While trying to access Marinade’s website from a local IP, one encounters the block page with a message:“Access to this
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Solana DeFi platforms Marinade Finance and Orca Finance restrict access for UK users due to FCA regulatory guidelines. Marinade Finance and Orca Finance, leading platforms in Solana’s decentralized finance (DeFi) ecosystem, have implemented geo-restrictions for users in the United Kingdom, citing the need for regulatory compliance. According to the site, the restrictions
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While Binance declined to comment on the restrictions placed on its U.K. partner, a spokesperson for the exchange told CryptoX that it had shared its partnership agreement with the FCA on Oct. 2, "almost a full week before the requirements of the updated Financial Promotions Regime came into effect." Source
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