UK dodges ‘US malaise’ as regulator finalizes crypto rules
The UK is bringing its multi-year rulemaking process for crypto to a close and, in doing so, may surpass the US, which is currently bogged down trying to resolve the CLARITY Act.
The UK’s top financial regulator is finalizing its framework for the crypto industry. The rulemaking process has been long, but industry observers note that the country has avoided the political tit-for-tat that is hampering the US CLARITY Act.
On Jan. 23, the Financial Conduct Authority (FCA) released its final consultation. The public may now comment on its suggested framework, consisting of 10 regulatory proposals. The three-year process is expected to reach a conclusion in March, with full implementation by October 2027.
The proposed rules have gone through multiple iterations since 2023, as some observers expressed concern that the UK would fall too far behind other countries in the crypto regulatory race.