UK FCA Publishes Guidance on Upcoming Crypto Regime

The UK's Financial Conduct Authority (FCA) has published guidance on the country's upcoming crypto regime, outlining how businesses will be regulated and supervised.

The FCA is introducing a new regulatory framework for cryptocurrency assets, which will require firms to register with the authority and adhere to strict anti-money laundering (AML) and know-your-customer (KYC) requirements.

The guidance emphasizes that certain activities related to cryptoassets, such as issuing or promoting them, may fall under existing financial services regulations. Firms must ensure they comply with these regulations, which include registration, authorization, and ongoing supervision.