UK Regulator FCA Plans to Deliver a Market Abuse Regime for Crypto This Year
The UK's Financial Conduct Authority (FCA) plans to implement a market abuse regime for cryptocurrencies in 2022. This move is part of a broader agenda to protect consumers, maintain market integrity, and promote international competitiveness. The proposed regime would apply to anyone committing market abuse with a crypto asset traded on a UK crypto asset trading venue, regardless of the person's location or where the trading occurs. It would also require crypto exchanges to identify and prevent market abuse. The FCA has previously introduced a promotions regime for crypto, which includes risk warnings and a 24-hour cooling-off period for new buyers. The regulator also plans to recover $7.9 million in costs for the new regulation of stablecoins and a wider regime, and $255,000 for extending the financial promotions perimeter.
