UK government taking more time on cryptocurrency regulation
Following pressure to expedite cryptocurrency regulations in the region, the U.K.’s Financial Conduct Authority (FCA) has found solace in the bear market.
Now that the cryptocurrency market has begun to settle, pressure has been taken off the FCA allowing more time to take investor protection as well as various other regulatory updates into consideration.
This comes as a relief to many who believed rushed regulations could’ve stifled innovation in the market as well as deterred investors. Despite the growing popularity of cryptocurrencies, some are still hesitant to invest. Hasty implementation of underdeveloped regulations could possibly suppress this modest but ever-growing market.
The FCA has announced plans to prolong discussions surrounding various cryptocurrency regulations. It’s estimated that new regulations will be announced some time in early 2019. According to the British government officials, they will be focused on achieving a “proportionate approach,” firstly deciding on how 2,000 or more crypto assets are defined under the existing rules, before considering any regulatory changes.