Crypto firms suspend services or exit UK market due to strict marketing rules

  • 📰 TheBlock__
  • ⏱ Reading Time:
  • 30 sec. here
  • 12 min. at publisher
  • 📊 Quality Score:
  • News: 50%
  • Publisher: 53%

Finance أخبار

Crypto,Firms,Suspend

Some crypto firms have suspended services or exited the UK market due to strict marketing rules imposed by the Financial Conduct Authority (FCA), causing concerns about the country's ambitions to become a global hub for web3.

Last summer, UK Prime Minister Rishi Sunak said he was keen on providing regulatory clarity regarding how crypto firms should register and operate in the country — as part of his ambitions for the UK to become a global hub for web3. However, fast-forward several months and some firms have now suspended services or exited the UK market amid strict marketing rules from the country’s financial regulator, the Financial Conduct Authority.

“For certain crypto players, the FCA’s rather stringent marketing rules are acting as a deterrent and a potential reason to leave the jurisdiction," lawyer and Bittrex Global CEO Oliver Linch told The Block. "Certainly, many had questions around the level of consultation and also noted some absurdities resulting from the prioritisation of financial promotion rules over developing a substantive regulatory framework. However, the rules themselves are more or less the same as those that apply to other financial institutions in the UK, so many of us did see this coming," he adde

 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 464. in SA

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Crypto Market Evolution and Growth in 2023The year 2023 witnessed substantial evolution and growth in the blockchain industry and cryptocurrency asset class. This report analyzes key developments in the market, infrastructure, platforms, and applications that drove adoption. It also highlights the notable recovery in cryptocurrency prices and the factors influencing it.
مصدر: TheBlock__ - 🏆 464. / 53 اقرأ أكثر »

Altcoins Surge in Crypto Market as Chiliz Hits Highest Value Since 2023Several altcoins, including Chiliz (CHZ), Sei (SEI), and Meme Kombat (MK), have experienced significant gains in the past 24 hours. Chiliz has reached its highest value since May 2023, driven by its unique use case in the sports industry. The token powers the Socios.com fan engagement platform, offering various benefits to users.
مصدر: Crypto_Potato - 🏆 568. / 51 اقرأ أكثر »