The Financial Conduct Authority (FCA) of the UK, the regulatory body for the country's financial sector, has released proposals as part of its strategy to "boost the investment culture in the UK" and is seeking assistance from the crypto industry.
A discussion and consultation document published on Monday shows that the FCA is requesting feedback from crypto companies on proposals aimed at "broadening consumer access to investment channels" and modifying the "customer classification and conflict of interest" rules.
The discussion document notes that "almost all poor performance in high digital engagement practices can be attributed to trading in crypto assets and contracts for difference." The proposal emphasizes the potential risks for consumers using "crypto asset brokers" without investment limits, warnings, or "suitability tests."
In its consultation document, the UK regulator proposed:
According to the regulator, the proposed changes will simplify the FCA's existing guidelines and, as a strategy, may "remove some arbitrary tests and give companies greater responsibility to ensure they do the right thing."
Companies providing advice or selling digital assets are required to respond to the relevant proposals in February and March.
The UK has been an important hub for crypto companies to operate outside the United States; many industry leaders have expressed that they believe there is uncertainty in the regulatory environment in the U.S. before President Trump's abrupt shift in regulatory and enforcement attitudes.
In December, the UK government passed a law that classifies digital assets as property, thereby enhancing the clarity of cryptocurrencies like Bitcoin in cases of theft recovery or bankruptcy.
As the market in the country continues to grow steadily, reports indicate that the government is considering banning cryptocurrency donations to political parties.
Related: The head of the Office of the Comptroller of the Currency (OCC) stated that "there is no reason" to treat banks and the crypto industry differently.
Original: “Regulator Seeks Input from Crypto Industry on UK Investment Reforms”
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