FCA Unveils UK Crypto Framework Ahead of Schedule

The UK's Financial Conduct Authority (FCA) has taken a significant step in regulating the cryptocurrency market by opening up to new players more than a year before rules come into effect.

This move is seen as an effort to attract businesses and talent to the country, according to the FCA. The regulator aims to create a 'clear and proportionate regulatory environment' for crypto firms, which will come into force in January 2024.

The FCA has been working on its framework for regulating cryptocurrencies since 2018, with consultations held in 2019 and 2020. This framework is expected to cover various aspects of the market, including anti-money laundering (AML) and know-your-customer (KYC) requirements.