The Financial Conduct Authority (FCA) of the United Kingdom has announced its intention to introduce a market abuse regime for cryptocurrencies within the current year, as outlined in its business strategy released on Tuesday .
The regime would apply to anyone committing market abuse on a crypto asset that is trading on a UK exchange, regardless of where they are based.
The FCA of the United Kingdom has outlined its plans to bolster its capabilities in detecting and combating market abuse within the cryptocurrency sector over the next 12 months.
The business plan outlines the FCA’s agenda to safeguard consumers, ensure market integrity, and promote international competitiveness. This includes developing advanced analytics capabilities, such as network analysis and cross-asset class visualizations, to identify suspicious activities better.
UK regulator to tighten measures against crypto market abuse :
The United Kingdom’s financial watchdog said it will improve its market monitoring abilities and develop advanced analytics systems.
The U.K.'s Financial Conduct Authority (FCA) will focus on increasing its… pic.twitter.com/7TUBkHRqKv
— TOBTC (@_TOBTC) March 19, 2024
Last year, the UK government issued a consultation paper that included proposals for establishing a market abuse regime specifically tailored for crypto assets.
According to the government’s response to the crypto consultation in October, the market abuse offenses would encompass all individuals engaging in market abuse activities related to a crypto asset admitted to trading on a UK crypto asset trading venue. This would apply regardless of the individual’s location or where the trading occurs.
Under the proposed regime, crypto exchanges would be required
Read more on cryptonews.com