UK FCA plans to launch cryptocurrency market abuse regime this year
According to a business strategy on Tuesday, the UK Financial Conduct Authority (FCA) plans to implement a market abuse regime for cryptocurrencies this year. The regime will apply to any market abuse behavior of crypto assets traded on exchanges in the UK, regardless of where they are headquartered.
The business plan sets an agenda to protect consumers, ensure market integrity, and promote international competitiveness. Last year, the government released a consultation paper which included plans for a market abuse regime for crypto assets.
FCA is the main regulatory body for cryptocurrencies in the country. So far, FCA has implemented a cryptocurrency promotion regime, which includes requirements such as increasing risk warnings and a 24-hour cooling-off period for first-time buyers. It has also been consulting on stablecoin regimes.
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