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
Source: News Formal (newsformal.com)
Crypto Firms Suspend Exit UK Market Marketing Rules Financial Conduct Authority Concerns Global Hub Web3
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