UK's FCA Is Designing Prudential Requirements for Firms Carrying Out Crypto Activities

The U.K.'s Financial Conduct Authority (FCA) is designing prudential requirements for firms carrying retired crypto activities.

The regulator, which is successful complaint of maintaining a registry of crypto firms approved for operations nether the country's anti-money laundering requirements, volition besides consult connected prudential rules for companies engaged successful crypto activities erstwhile the "Treasury and Parliament bring those activities nether our regulation," the regulator said in its yearly study published Thursday.

The FCA did not instantly respond to a CoinDesk petition for remark connected the timeline for receiving regulatory powers.

The regulator already has a prudential authorities for concern firms similar money managers, plus managers and trading firms that are based successful the U.K. The authorities requires firms to measure superior adequacy and hazard to place imaginable harm to investors and supply due resources to mitigate harm.

Last year, the FCA enactment retired a announcement for firms with exposure to crypto companies, urging them to "have due systems and controls to antagonistic the hazard of being misused for fiscal crime," and reappraisal if the firms they enactment with are registered crypto companies.

The FCA, which was approved for a big of caller powers nether a precocious passed fiscal markets bill, stands to beryllium the U.K.'s cardinal crypto watchdog arsenic the state explores its ambition to beryllium a planetary hub for the sector.

CoinDesk has reached retired to the FCA for further comment.