The UK and the European Union (EU) are working to regulate crypto trading in their respective countries.
After the UK leaves the EU, the Financial Conduct Authority (FCA) will regulate UK financial services. The Financial Times previously reported that the UK Treasury was working on new cryptocurrency regulations, including restrictions on advertising. On the other hand, the EU is advancing its crypto policy.
EU and UK Approaches to Crypto Regulation Are Different
At the beginning of June, the European Union agreed to introduce a cryptocurrency marketplace (MiCA) to reduce risk for crypto users who want to trade crypto assets. However, the regulation is not enforced.
Earlier, European Commissioner for Financial Services, Mairead McGuinness, emphasized on CNBC:
She added: They want it separate from it and parallel. It’s a very dangerous road. ”
At a September debate on the bill, the UK’s new Prime Minister Rishi Sunak said future financial sector policy will focus on the UK’s medium-term fiscal policy to put public spending on a sustainable basis, reduce debt and restore stability. He said he would focus on planning.
EU on crypto assets
Cryptocurrencies are considered legal assets in most EU countries. Earlier, the EU government decided to launch the Markets in Crypto Assets (MiCA) framework. MiCA will help fight crypto funding schemes in EU countries. Meanwhile, in November, European governments postponed a vote on MiCA.
Before the MiCA bill can be enacted, parliamentarians must first vote in the European Parliament to accept it and then sign it into the European Council. After that, it takes 12-18 months to take effect.
UK crypto assets
There are no specific laws regarding cryptocurrencies in the UK. The state considers crypto assets, but not fiat currency. Crypto exchanges must be registered with the Financial Conduct Authority (FCA) in the UK.
UK loans for small businesses just got more expensive
On December 29th, the Financial Times reported that it is now more difficult and costly for small investors to get a loan in the UK. Reports show the country has raised his 10% interest rate for medium-sized companies.
Small Business Federation (FSB) President Martin McTague said: Higher cost. ”