Well almost. After much murmuring and delay, the European Union (EU) has recently announced the Markets in Crypto-assets (MiCA) framework, which is set to have a major impact on the regulation of cryptocurrency in the United Kingdom (UK). The MiCA framework is a comprehensive set of rules and regulations that will govern the trading and issuance of crypto-assets within the EU.
The MiCA framework is designed to provide clarity and certainty to the crypto-asset market, as well as to protect investors and consumers. The framework will require crypto-asset issuers to register with the relevant national regulator, and to comply with a range of requirements, including the provision of information to investors and the implementation of appropriate measures to prevent money laundering and terrorist financing.
The MiCA framework is expected to have a significant impact on the UK’s regulation of cryptocurrency. The UK has traditionally taken a more relaxed approach to the regulation of crypto-assets, but the MiCA framework is likely to bring the UK’s regulation into line with the rest of the EU.
The MiCA framework is also likely to have a positive impact on the UK’s crypto-asset market. The framework will provide greater clarity and certainty to the market, which should encourage more investors to enter the market. This, in turn, should lead to increased liquidity and more opportunities for investors.
Overall, the MiCA framework is set to have a major impact on the regulation of cryptocurrency in the UK. The framework will provide greater clarity and certainty to the market, as well as increased protection for investors and consumers. This should lead to increased liquidity and more opportunities for investors, which should benefit the UK’s crypto-asset market.
As Sarah Pritchard, Executive Director of Markets, and Executive Director of International at the Financial Conduct Authority (FCA) said in her speech on 25th April, “Regulation may be able to mitigate some of the harm, but it will not be able to stop all risk in relation to crypto – in particular risk of financial loss. Consumers who buy crypto must be prepared to lose all their money.” She added, “We expect crypto promotions to be treated on a par with other high-risk investments and failure to comply will be a criminal offence.”
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