The United Kingdom is set to finalize its regulatory framework for cryptocurrencies by 2026, as the government under Prime Minister Keir Starmer aims to keep pace with global financial hubs.
The Financial Conduct Authority (FCA) announced plans to launch consultations and discussion papers starting this quarter.
These will address key issues such as market manipulation, trading platforms, lending, and stablecoins, among other aspects of the crypto sector.
Matthew Long, the Director of Payments and Digital Assets at the FCA, highlighted the ongoing global collaboration in shaping effective regulations.
Speaking to Bloomberg Television, he remarked, “We’ve had extensive and productive discussions recently with the industry about leveraging regulatory approaches from across the globe.”
The UK’s move comes as financial centers such as Hong Kong, Singapore, and the UAE have already implemented detailed cryptocurrency frameworks in recent years.
Pressure on the UK to act swiftly has intensified with the European Union set to fully enforce its cryptocurrency regulations by the end of 2023.
Additionally, the election of crypto-supporter Donald Trump for a second presidential term in the United States has further amplified the urgency for Britain to bolster its position in the sector.
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