UK to ban public issuance of cryptocurrencies

The UK Financial Conduct Authority (FCA) said in a document on the upcoming cryptocurrency regulatory regime that the UK intends to enact laws to ban the public sale of cryptocurrencies. The law will draw on the UK's promotion rules to prohibit unregistered cryptocurrency companies from approaching UK customers. Only crypto asset trading platforms and products that meet the exemption conditions are not subject to this restriction. The document also sought opinions from the industry on market access, information disclosure, and market abuse regulatory regimes. The Financial Conduct Authority is the UK's main regulator responsible for overseeing domestic financial activities, including cryptocurrencies. Since 2020, the agency has been closely monitoring the development of the industry and assessing its compliance with anti-money laundering regulations. However, with the introduction of draft regulations next year, the agency plans to implement a new regulatory regime in 2026. (CoinDesk)