A report by the Financial Times has it that the UK government is expected to announce new rules regulating the sale and marketing of crypto assets.
The report has it that regulators will have more power to police the sector. Regulators will also have the power to clampdown on crypto-related advertisements by companies based outside the UK while the Financial Conduct Authority (FCA) will monitor how crypto companies operate.
The Financial Services and Markets Bill is designed to shape the UK’s financial sector post-Brexit and includes sections defining stablecoins and crypto assets.
Crypto regulations have been in the works in the UK but with the collapse of FTX, the regulation appears to be a timely shot.