Blog: Protecting privacy during a pandemic: our work on the UK’s Covid apps
25 April 2023 Ian Hulme is the ICO's Director of Regulatory
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UKs
With EU’s MiCA Past the Finish Line, UK’s Crypto Industry Calls for Rules of Its Own
“There are aspects of [MiCA] which are interesting and I think everybody likes so we have factored that in our paper,” Gwyneth Nurse, director general of financial services at the Treasury, said at Innovate Finance’s annual Global Summit in April, referring to the U.K. consultation on crypto rules. Source
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UK’s New Technology Department to Tackle Country’s Metaverse, Web3 Strategy
The country’s 2023 Spring Budget, released in March, said the government wanted to “lead on the future of web technology, sometimes known as Web3 or the metaverse.” The new tech department, set up in February, will lead the charge in this work. The department’s work will not focus on specific
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UK’s FCA Can’t Protect Crypto Investors From Losses, Says Agency’s CEO
The country’s financial regulator, the FCA currently has powers to ensure crypto companies register and comply with anti-money laundering rules, but it doesn't have the ability to protect consumers from any losses they might suffer. While the Financial Services and Markets Bill that’s currently under debate in parliament and is
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Prudential Regulatory Authority, the UK’s Banking Regulator, to Propose Rules on Issuing Holding Crypto
New standards for PRA-regulated firms will be coherent with rules for other sectors, according to a footnote accompanying the text of the speech. The Basel Committee on Banking Supervision, the banking industry's global regulator, published a standard on how banks should treat crypto exposure in December. Source
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Calm Before the Storm: Is UK’s Financial Watchdog Gearing Up for Enforcement Action?
The Financial Conduct Authority has largely been silent while its U.S. counterparts have been busy cracking down on crypto – but it has a list of 51 unregistered firms to act on. Source
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UK’s digital pound would modernize payments but won’t replace cash: Minister
The Bank of England (BoE) and U.K. Treasury are gearing up plans to create a digital currency that could "provide a new way to pay" without necessarily replacing cash.On Feb. 7, a joint consultation paper on Central Bank Digital Currencies (CBDCs) is set to drop, with the BoE and Treasury
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UK’s FCA hints at why its given only 15% of crypto firms the regulatory nod
Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only 41 out of 300 crypto firm applications seeking regulatory approval to date.The U.K. Financial Conduct Authority (FCA) implemented the new cryptocurrency-focused regulations on Jan. 10,
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UK’s FCA Issues Advice for Crypto Firms After Only 41 of 300 Applicants Win Regulatory Approval
When preparing their applications, crypto firms should include details of a business model, roles and responsibilities of business partners, and demonstrate comprehensive business-wide risk-assessment capabilities. It should also show that the business has policies, systems and controls to manage risk, the FCA said. Source
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The UK’s Financial Services and Markets Bill Should by Passed by Spring 2023, Treasury Says
“This is of course an important milestone and will enable us to make substantial progress on the provisions within the Bill, including repealing and replacing burdensome pages of retained EU (European Union) law governing the sector, measures to embrace crypto asset technology, and measures to protect the consumer," the Treasury
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