Fun

UK regulator to tighten measures against crypto market abuse

News Feed - 2024-03-19 10:03:19

Ezra Reguerra10 hours agoUK regulator to tighten measures against crypto market abuseThe United Kingdom’s financial watchdog said it will improve its market monitoring abilities and develop advanced analytics systems.5310 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe U.K."s Financial Conduct Authority (FCA) will focus on increasing its capabilities in detecting and pursuing market abuse in the crypto sector and assisting in delivering a proportionate market abuse regime for the asset class in the next 12 months.The FCA listed its goals for the next 12 months. Source:FCA


In its plans for 2024 to 2025, the FCA listed tightening its measures against crypto market abuse as one of its goals. The regulator will improve monitoring and intervention systems to cover market abuse and integrity.


The financial watchdog also said it will develop advanced analytics capabilities, including network analysis and cross-asset class visualizations.


Apart from improving its market monitoring ability, the financial regulator also said that it will work on a market abuse regime for crypto. The FCA wrote:“We will assist in delivering a proportionate market abuse regime for Crypto Assets and the PISCES [Private intermittent Share and Capital Exchange Service] facility.”


While adding regimes for the crypto space may seem like an additional headache for crypto companies based in the country, the FCA said that it will develop the framework to “support innovation to lower industry costs.”


The FCA also said that it will continue supervising the financial promotions published by crypto firms. The regulator said it will increase its tech capabilities to detect promotional material that may harm investors.


The regulator said that it will also develop its consumer awareness campaigns to educate investors on scams.


Related:UK regulations will allow stablecoins and CBDCs to coexist, says former BoE fintech lead


In October 2023, the FCA implemented new rules for crypto-related marketing. On Nov. 2, it released guidance for UK-based crypto firms on how to comply with its crypto asset promotion rules to assist crypto firms in compliance.


The regulator said the rules align with existing regulators for other high-risk investments.


Despite its efforts to provide guidance on the new marketing rules, many crypto firms are still violating advertising regulations.


On Feb. 15, the U.K. regulator said that in 2023 alone, it had issued 450 alerts for illegal crypto ads. It said it would take action against companies that breach the rules and highlighted that it will continue taking action against illegal crypto marketing promotions in 2024.


Magazine:South Africa’s digital-nomad crypto hub: Cape Town, Crypto City Guide# Cryptocurrencies# Business# United Kingdom# RegulationAdd reactionAdd reactionRead moreBlackRock begins asset tokenization with launch of digital liquidity fundSuper PAC tried to ‘bury a conversation’ on crypto with attack ads — Rep. Katie PorterSpot Bitcoin ETFs hit negative flows as GBTC sheds $642M in a day

News Feed

Bitcoin Soars Past $82,500 As MicroStrategy Makes Major 27,200 BTC Purchase
On Monday, business intelligence firm Microstrategy announced the purchase of additional Bitcoin (BTC) as the largest cryptocurrency on the market hit a newall-time high of $82,500, with increased inflows into various se
IHC: Wilder to Land a Blow for Crypto
IHC: Wilder to Land a Blow for Crypto press release PRESS RELEASE. LAS VEGAS & ULAANBAATAR – On Saturday 9 October, Deontay “The Bronze Bomber” Wilder will be d
Hello Pets Depict an Open Entertainment Ecosystem and Aim to be the Next Disney in Web3
Hello Pets Depict an Open Entertainment Ecosystem and Aim to be the Next Disney in Web3 sponsored Hello Pets team is building an open entertainment ecosystem where the community can
Bitcoin Price Headed For $35,720? Why Muted Volume Could Trigger Major Crash
Este artículo también está disponible en español. Alan Santana, a crypto analyst on TradingView, has predictedthat the Bitcoin price could potentially experience a drasti
Youtube Superstar KSI ‘JJ’ Says ‘I’m Really Into Crypto, Bitcoin Is the Future’
Youtube Superstar KSI "JJ" Says "I"m Really Into Crypto, Bitcoin Is the Future" Youtube superstar and rapper KSI, also known as JJ, says he is “really into
Derek Andersen3 hours agoBIS gives CBDCs a thumbs up, crypto the middle finger in reports to G20 ministersG20 finance ministers and central bank governors are meeting this month, and the Bank for International Settlement
New Zealand Tax Agency Asks Crypto Firms to Hand Over Clients’ Personal Data
New Zealand Tax Agency Asks Crypto Firms to Hand Over Clients" Personal DataThe Inland Revenue Department (IRD) of New Zealand has requested that crypto companies in the country han
Bill proposes to give Secret Service more power to pursue crypto crime
Brayden Lindrea4 hours agoBill proposes to give Secret Service more power to pursue crypto crimeStronger threat assessments are needed to catch “seedy financial enterprises” facilitating money laundering schemes,”
Why the Bitcoin halving matters for the future of decentralized finance
Savannah Fortis10 hours agoWhy the Bitcoin halving matters for the future of decentralized financeThe Bitcoin mining reward rate gets cut in half every four years, but this seemingly simple event carries with it deeply f
A Crypto-Infused Professional Sports League: Billionaires Form a Blockchain Advisory Committee for the NBA
A Crypto-Infused Professional Sports League: Billionaires Form a Blockchain Advisory Committee for the NBA A number of National Basketball Association (NBA) team
Tristan Greene5 hours agoBitcoin drives digital asset inflows for the first time in 6 weeks: ReportSolana was the only other major asset to show inflows for the week.1512 Total views20 Total sharesListen to article 0:00N
William Suberg12 hours agoBitcoin hugs $29.5K into CPI as odds split over new US inflation spikeBitcoin looks set to benefit little from the latest CPI figures, analysts warn, with fresh BTC price losses firmly on the ca