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The UK FCA will kick off consultations for crypto regulations, prioritizing stablecoins and trading platforms. Trump’s plans for a Bitcoin reserve and pro-crypto policies have intensified global competition, pushing the UK to act before 2026.
UK FCA Kickstarts Consultations to Shape Crypto Regulations
In a formal statement released on Tuesday, November 26, the UK's Financial Conduct Authority (FCA) revealed its intention to initiate consultations over cryptocurrency rules this quarter through a set of discussion papers.
Among other things, we want to establish transparent crypto regulations for things like stablecoins, crypto financing, trading platforms, and market abuse. Director of payments and digital assets at the Financial Conduct Authority (FCA) Matthew Long stated in a Bloomberg interview:
“We’ve had many, many good conversations recently with industry about how we’re going to learn from regulation around the world.”
Trump’s Pro-Bitcoin Policies Add Global Pressure on UK
The latest news comes as Donald Trump, the soon-to-be president of the United States, has started making plans to change the way crypto regulations are handled in the country. Trump campaigned on a platform of crypto-friendly policies that would encourage innovation in the United States. It has been reported that next year, the Trump administration would reportedly begin working on constructing a strategic Bitcoin reserve for the US.
Speculation has been circulating that Brad Garlinghouse, CEO of cryptocurrency firm Ripple, would be a contender for the role of "crypto czar" in the Trump administration.
Global Crypto Leaders Prompt UK to Play Catch-Up
Hong Kong, Singapore, and the UAE are among the financial centers that have implemented crypto rules in the past few years, and the UK is attempting to catch up. By year's end, the Market in Crypto Assets (MiCA) laws enacted by the European Union will have fully taken effect in the cryptocurrency business.
Per Coingape, there is more pressure on Starmer's government to speed up its own efforts now that crypto supporter Donald Trump has been re-elected to another term in the US. The British government began drafting transparent crypto regulations for British investors shortly after Donald Trump's victory.
Stablecoins and Custodial Wallets Take Center Stage
According to reports, the UK government and the UK Financial Conduct Authority have already made fiat-pegged stablecoin legislation a top priority. Some services will be exempt from the new laws, especially those that deal with staking or custodial wallets. By clarifying key points, the Treasury hopes to make the United Kingdom a more appealing location for digital assets companies to set up shop.
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