As a seasoned researcher with a keen interest in the evolving financial landscape, particularly in the realm of cryptocurrencies, I find myself both encouraged and apprehensive about the recent announcements from the U.K.’s Financial Conduct Authority (FCA) and Morocco’s impending regulatory measures.
As per a recent report by CNBC, it has been indicated that the Financial Conduct Authority (FCA), the financial regulator of the United Kingdom and its sixth largest economy, plans to establish a comprehensive regulatory system by the year 2026.
For now, crypto remains mostly unregulated in the country.
For the remainder of 2024, the FCA plans to focus on stablecoins and fighting market abuse.
In the coming year, the regulatory body intends to oversee a broad spectrum of cryptocurrency markets, including transactions, loans, and staking.
The FCA’s final policy statement is expected to be published in 2026.
This year, the UK’s financial regulatory body expressed that most cryptocurrencies failed to fulfill the required criteria for acceptance.
Little to no protection
According to their latest announcement, the Financial Conduct Authority (FCA) has indicated a significant rise in the number of Britons who understand cryptocurrencies. A staggering 93% of the population now recognizes this modern investment class.
It’s worth mentioning that around one-third of those polled by the Financial Conduct Authority mistakenly think they have safeguards in place for their digital currency investments. Yet, it appears that the regulatory body considers it improbable that customers will receive protection if their cryptocurrency holdings face issues.
In September, the FCA charged a Londoner with operating a network of illegal cryptocurrency ATMs.
Morocco also regulating crypto
Additionally, it’s worth mentioning that Morocco is planning legislation to control the use of cryptocurrencies, as reported on Tuesday by Reuters.
Holding and trading crypto was initially banned in the North African country back in 2017.
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2024-11-26 19:07