Crypto.com Registers With UK Financial Conduct Authority, UK Proposing Stablecoin Regulation
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Crypto.com Registers With UK Financial Conduct Authority, UK Proposing Stablecoin Regulation

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3 months ago

While Crypto.com successfully registered with the UK's FCA, the country's policymakers introduced a new stablecoin bill.

Crypto.com Registers With UK Financial Conduct Authority, UK Proposing Stablecoin Regulation

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The Financial Conduct Authority (FCA) gave its green light to crypto exchange Crypto.com to conduct "certain cryptoasset activities" in the United Kingdom.

Even though details of what exactly the license allows Crypto.com to do are yet to leak, the FCA's definition states that crypto asset activity includes exchanging crypto assets for money or money for crypto assets, or automating a machine to do so, and exchanging crypto assets for crypto assets.

Crypto.com had previously filed applications in Canada and South Korea, with the latter being approved only a few days ago.

UK parliament to discuss stablecoin bill in September

Meanwhile, the British Parliament has introduced a new bill regulating stablecoins, which is to be discussed in September. According to information from CoinDesk, the rules are part of a larger financial services and markets bill for the country's future after leaving the EU.

CoinDesk received feedback from different industry experts, who all recieved the proposed measures as a welcome step to align with the country's ambitions of becoming a global crypto hub.

Lisa Cameron, a member of Parliament and chairwoman of the cross-party group for crypto, called it a "key piece of legislation for financial services." Blair Halliday, managing director of the U.K. for Gemini said that the legislation is a "positive move" recognizing the "significant role" of crypto in the future.

The rules would leave the final decision as whether a stablecoin issuer threatens the UK's financial system to the Bank of England. The BoE plans to share its regulation plans in 2023.

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