Preparing the ground. Her Majesty’s Country has recently shown a growing interest in cryptocurrencies and the approval of the bill on financial services and markets (Financial Services and Markets Bill) by parliamentarians marked the start of a new political and legislative sequence. Indeed, before going any further in the development of the « European Web hub3 desired by Rishi Sunakthe Prime Minister of the United Kingdom, it will be necessary to prepare the ground by cleaning up certain practices. illegal and framing the cryptoasset market in the country. This starts with the fight against money laundering and the supervision of crypto promotion in the media. Let’s go to London folks!
The » hub Web3 in Europe « needs to frame the market…
For months, the United Kingdom is looking for a direction to take when it comes to crypto, hesitating between rigor to protect its citizens from another FTX and make business in an emerging and promising sector. It seems that the authorities have thought it through and decided to do a bit of both. Alongside a Europe which seems to be taking the path of strong regulation, London is opportunistically positioning itself at the continental level and would dream of becoming the hub of the Web3. To achieve this, we need to allow national and international companies to officially establish themselves in the country, but not just any old way.
One of the first things to be done is to combat the use of crypto in activities criminal or for the bleaching money laundering by mafia organizations. With this in mind, a law entitled economic crime and corporate transparency has begun its parliamentary shuttle. If adopted by both chambers, it will enable the justice system and law enforcement agencies to seize crypto wallets implicated in terrorism, for example. This measure, eagerly awaited by the kingdom’s investigators, will also help in the fight against corruption and all types of financial crime.
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… and clean up crypto before offering it to the general public
But alongside these actions, the authorities are also preparing for the future domestic market the crypto market by tightening the rules on promotion of crypto in the country. The Financial Conduct Authority (FCA), Britain’s stock market watchdog, has published a document which defines the new requirements on crypto-promotion, which the companies concerned must comply with by October 8. It will be necessary to be registered with the FCA and one of its representatives made the following clarification:
« Those wishing to register with our services must be prepared for a rigorous application process, pay a registration fee and wait up to three months. »
It will obviously become more complicated to conduct business in the country, but at the same time, a large part of the crypto sector is calling for more regulation claire. This is as true in the United Kingdom as it is in the United States, where uncertainty regulatory uncertainty weighs on the ecosystem and makes the front-runners grumble. Clear regulation means investment by major financial players, and King Charles’ country has understood this.
But the crypto fairy tale of Bitcoin English could turn short if all this is done to promote the arrival of the digital book. Recent statements by the Bank of England and Members of Parliament suggest that work is continuing in this area and that the MNBC Mint sauce won’t stay on the shelves forever. And that cohabitation with other decentralized cryptos is difficult to envisage. To be continued. In the meantime, history is being made in London and Washington, where the Bitcoin spot keeps everyone on their toes!
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