Foreign crypto services are regulated by a new bill in the UK.

The crypto industry will be subject to increased scrutiny as a result of the amendments to the regulatory framework.

Despite Prime Minister Rishi Sunak and the Conservative Party's rhetorical embrace of cryptocurrency, the industry is expected to face increased scrutiny under the forthcoming regulatory framework. The financial regulator will have more authority thanks to the new laws, which will likely restrict the activities of foreign companies in the United Kingdom.

A report in the Financial Times claims that the FTX collapse has altered the direction of the UK's regulatory regime. According to reports, the Treasury is nearing completion of a set of guidelines that will allow the Financial Conduct Authority (FCA) to keep an eye on the activities and marketing efforts of cryptocurrency businesses across the country. Foreigners would be unable to easily sell cryptocurrency on the UK market.

The report doesn't go into detail on the restrictions, but it's safe to assume that they'd be used to compel businesses to register with the Financial Conduct Authority (FCA). FCA chief executive Nikhil Rathi claims that 85% of applicants did not pass the FCA's anti-money laundering (AML) tests, so the process is already difficult enough.

The regulations are being worked on in tandem with the financial services and markets bill. The comprehensive bill, which includes crypto regulation but is not limited to it, has already been presented to the British Parliament. According to FT sources, the UK's consultation on cryptocurrencies was originally scheduled to conclude in 2021 but may now be delayed until 2023 due to "fast-moving events" in the sector.

However, the risks of crypto and the "pros and cons" of central bank-issued cryptocurrency will be discussed by the FCA and the Bank of England on December 7 at a meeting of the cross-party Treasury committee. The hearing will also feature testimony from investigative journalists who have written about the investments made by British soccer fans who were duped by cryptocurrency advertisements.

Members of the Digital, Culture, Media, and Sport Committee launched a public inquiry at the start of November to gather input on the potential impacts of nonfungible tokens (NFTs) and blockchain technology on the British economy.

Comments

Stock futures fall after major averages show more losses to start the week.

Stock futures went down Tuesday morning after the Bank of Japan said it would change its yield target range. Futures linked to the Dow Jones Industrial Average fell by 236 points, or 0.72 percent. Both S&P 500 futures and Nasdaq 100 futures fell by 0.86 and 1.05 percent, respectively. During regular trading on Monday, the Dow lost more than 162 points, or about 0.5%. The S&P 500 lost 0.9%, and the Nasdaq Composite lost nearly 1.5%. Stocks are likely to end the month and the year in the red, and investors' hopes for a Santa Claus rally are fading fast. "There's still no sign of Santa. "Harness up," said Louis Navellier, who started the growth investing firm Navellier & Associates. "One would like to think all the bad news is out. There are no more Fed moves until at least February. We're not getting worse, but we're also not making up for last week's losses." Investors worried that the Federal Reserve could tip the economy into a ...

Indian Law Enforcement Charges WazirX Exchange With $130M Laundering.

India's Financial Crimes Enforcement Directorate (ED) is investigating cryptocurrency exchanges suspected of processing transactions that transported over 10 billion rupees, or $130 million, from organizations under investigation to worldwide wallets. An official told The Economic Times that at least ten crypto exchanges are implicated, and WazirX's bank accounts were stopped. Companies under investigation for instant loans allegedly made transactions of up to 1 billion rupees, or $1.3 million, in the names of unrelated people. These firms often have Chinese ties. The agency alleged that no increased due diligence or suspicious transaction reports were lodged with the ED despite KYC/AML procedures indicating problematic transactions. Last Friday, the ED blocked WazirX bank accounts containing 647 million rupees, or $8.1 million, alleging that the exchange supported 16 fintech companies under investigation for money laundering. WazirX posted a statement on its blog Tuesday ...

Governor-in-exile reports an attack on "Wagner HQ."

Ukrainian soldiers, according to the governor-in-exile of Luhansk in eastern Ukraine, have attacked the headquarters of the Russian Wagner mercenary outfit. Serhiy Haidai reported considerable damage to the hotel where the group had convened in Kadiivka, Luhansk. Unfortunately, the BBC was unable to confirm Wagner's presence at the hotel independently. There was also heavy fighting in southern Ukraine over the weekend, with Russian forces attacking the city of Odesa and Ukrainian forces bombing a target in the captured city of Melitopol. Western experts have concluded that Wagner are state-sponsored mercenaries working to advance the interests of the Kremlin. Yevgeny Prigozhin, a former restaurateur and close associate of Russian President Vladimir Putin, established the private military business that has been repeatedly accused of war crimes and human rights abuses. Wagner forces have been sent to Crimea, Syria, Libya, Mali, and the Central African Republic before. Mr. Haidai said...

Search This Blog