{"id":431901,"date":"2025-09-17T19:34:14","date_gmt":"2025-09-17T19:34:14","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/431901\/"},"modified":"2025-09-17T19:34:14","modified_gmt":"2025-09-17T19:34:14","slug":"crypto-companies-win-exemptions-from-some-uk-finance-rules","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/431901\/","title":{"rendered":"Crypto Companies Win Exemptions From Some UK Finance Rules"},"content":{"rendered":"

The United Kingdom\u2019s Financial Conduct Authority<\/a> is reportedly planning to exempt cryptocurrency companies from some of its rules.<\/p>\n

David Geale<\/a>, executive director for payments and digital finance at the FCA, said a \u201clift and drop\u201d of traditional finance rules would not be effective when applied to the crypto industry, the Financial Times reported<\/a> Wednesday (Sept. 17).<\/p>\n

The FCA proposals, detailed in a new consultation paper, are designed to adapt its existing rules to the nature and risks of crypto assets, the report said.<\/p>\n

\u201cWe start from the principle that if it is the same risk, you go for the same regulatory outcome,\u201d Geale said, per the report, emphasizing that any changes would not mean lower standards.<\/p>\n

\u201cBut then you have to recognize that some of these things are very different,\u201d he said, according to the report, adding that because crypto assets have a different underlying technology and characteristics than traditional finance, they require different regulations.<\/p>\n

Many of the FCA\u2019s chief principles will not apply to crypto trading platforms, including stipulations that a company \u201cmust conduct its business with integrity,\u201d with \u201cdue skill, care and diligence\u201d and \u201cpay due regard to the interest of its customers and treat them fairly,\u201d the report said.<\/p>\n

Advertisement: Scroll to Continue<\/p>\n

Crypto companies will also face more relaxed requirements than banks or investment firms when it comes to rules for their senior managers, systems and controls. The FCA said this is because \u201ccrypto asset firms do not typically pose the same level of systemic risk,\u201d according to the report.<\/p>\n

However, the FCA will adopt more stringent rules for the crypto industry in other areas, such as regulations governing operational risks like IT outages or cyber attacks, the report said.<\/p>\n

The watchdog said the historic theft<\/a> of $1.5 billion from wallet provider Bybit<\/a> in February underscored the need for \u201cstrong operational resilience controls across all crypto firms,\u201d according to the report.<\/p>\n

Elsewhere in the U.K. crypto space, the Bank of England<\/a>\u2019s plans to limit how many stablecoins<\/a> individuals and businesses can hold.<\/p>\n

Stablecoins could grow large enough to threaten the stability of the financial system if left unchecked, the central bank said. The fear is that stablecoins<\/a> could act as a channel for destabilized credit flows, loss of public trust in money or contagion in financial markets.<\/p>\n","protected":false},"excerpt":{"rendered":"The United Kingdom\u2019s Financial Conduct Authority is reportedly planning to exempt cryptocurrency companies from some of its rules.…\n","protected":false},"author":2,"featured_media":289176,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[748,31212,393,14637,4884,12,1144,3279,8948,712,16,15,1764,3281],"class_list":{"0":"post-431901","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"category-united-kingdom","9":"tag-britain","10":"tag-cryptocurrency","11":"tag-england","12":"tag-financial-conduct-authority","13":"tag-great-britain","14":"tag-news","15":"tag-northern-ireland","16":"tag-pymnts-news","17":"tag-regulations","18":"tag-scotland","19":"tag-uk","20":"tag-united-kingdom","21":"tag-wales","22":"tag-whats-hot"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115221316433430104","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/431901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=431901"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/431901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/289176"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=431901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=431901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=431901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}