The UK government is seeking to increase the authority of the Treasury Department and the Financial Conduct Authority (FCA) over the cryptocurrency markets by amending the financial services and markets law.
Ministry of the Treasury and the City, 21 October With the new draft law on crypto money markets published on to the Treasury Department and to FCA more on cryptocurrency markets audit authority aims to give If the bill is approved, the FCA full audit will have the authority.
Cryptocurrency companies are not yet covered by the FCA’s control. Measures taken to combat black money and prevent terrorist financing and authentication procedures they are implementing. However, if the bill is passed, crypto money companies, like other financial services companies, will be exempt from the FCA. financial services license they will need to take it.
On the other hand, FCA announced that high-risk financial products promotion and advertisement He also issued some warnings about it. Many commentators agree that these warnings have been issued by the FCA after the bill was passed. tight thinks it will be implemented.