empty
26.04.2023 04:57 AM
Bitcoin: What regulators intend to restrict in the crypto industry

The current year for the cryptocurrency market is taking place under the auspices of regulation. Or attempts to introduce it.

After the European Parliament voted for MiCA, the UK's Financial Conduct Authority (FCA) now wants to cooperate with cryptocurrency firms to form regulation, as stated by Executive Director Sarah Pritchard at the City Week conference in London on Tuesday.

The United Kingdom and its crypto-friendly attempts

The UK has sought to create a new regime for "crypto – that one-time symbol of alternative rebellion – [that] has become more widespread," Pritchard noted.

In February, the UK government's financial division, the Treasury, launched consultations on cryptocurrency, during which it seeks feedback from stakeholders on how to regulate the sector.

The FCA is one of the main cryptocurrency regulators in the country, along with the Ministry of Finance, and it deals with the registration of crypto firms to operate in the UK.

This image is no longer relevant

According to Pritchard, in the consultations they conducted, it was indicated that the FCA could introduce a new authorization regime for cryptocurrency companies, including foreign firms, which is "an uncharted territory" for them. The authority also plans to launch a digital asset promotion regime.

"Let's work together to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream," Pritchard urged. "Let us do it with our minds open to the potential gains and our eyes open to the risks."

The FCA is known for its critical attitude towards the crypto sector, which is not helped by the fact that the amount of cryptocurrency received at illegal addresses reached a record level of $20.6 billion last year. The FCA has repeatedly warned consumers about cryptocurrency risks.

According to Pritchard, out of the cryptographic applications received by the FCA from firms wishing to register with them, 195 were either rejected or withdrawn. Only 41 crypto firms managed to obtain registration.

Nevertheless, the FCA also began to listen to the crypto industry at its meetings with industry representatives.

U.S. regulators seek to mitigate risks

Almost simultaneously, a senior official of the U.S. regulatory agency stated that anonymity allows crypto assets to finance illegal activities, which creates risks to national security that need to be addressed.

Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero stated that cryptocurrencies are used to finance cybercrimes with victims, including individuals, companies, hospitals, and critical infrastructure facilities.

"Fraud is a hallmark of digital asset markets, the human toll of which may be overlooked," Romero told a City Week conference in London, adding that the problem of a lack of transparency in crypto markets needs to be addressed.

"It's essential for governments and particularly the industry to address that which makes crypto so attractive to illicit finance, and that is the allure of anonymity," she said.

Cryptocurrency companies that comply with legislative requirements should not use "mixers" or software tools that effectively anonymize users by combining and scrambling cryptocurrencies from thousands of addresses.

"Congress is already considering new laws on addressing anonymity and digital identity," Romero said.

Cryptocurrency companies that meet the requirements must demonstrate that they have internal controls to prevent money laundering and terrorist financing.

Last year, the U.S. imposed sanctions on the virtual currency mixer Tornado Cash, claiming it helped hackers, including from North Korea, launder proceeds from cyber crimes.

"It's possible for all crypto companies to distance themselves from mixers and anonymity enhancing technology while still providing customers financial privacy," Romero stressed.

Regulators in the U.S., the European Union, the UK, and other countries are trying to curb cryptocurrency before global standards for the borderless sector are agreed upon and implemented.

John Schindler, secretary general of the Financial Stability Board (FSB), the G20's coordinator for financial rules, told the conference that the agency will soon issue the final version of recommendations for regulating crypto assets.

"We're catching up to this innovation that's going so quickly," he added.

Ekaterina Kiseleva,
Especialista em análise na InstaForex
© 2007-2025
Selecionar intervalo de tempo
5
min
15
min
30
min
1
hora
4
horas
1
dia
1
s.
Ganhe com as variações das taxas das criptomoedas com a InstaForex.
Baixe o MetaTrader 4 e abra a sua primeira operação.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    PARTICIPE DO CONCURSO

Recommended Stories

Recomendações de negociação para o mercado de criptomoedas em 30 de maio

O Bitcoin e o Ethereum continuaram suas correções, caindo de forma significativa durante todo o dia de ontem. A queda se estendeu até a sessão asiática de hoje

Miroslaw Bawulski 21:05 2025-05-30 UTC+2

Você conhece a empresa mais lucrativa do setor de criptomoedas?

Embora o Bitcoin e o Ethereum tenham sofrido uma correção bastante sólida no final da semana, a empresa mais lucrativa do setor de criptografia - a Tether - pode

Jakub Novak 17:17 2025-05-30 UTC+2

Os investidores de criptomoedas ainda estão sobrecarregados pelo otimismo

Apesar da correção em curso, o sentimento dos investidores em relação à compra de ativos de criptomoedas permanece positivo, como indicado pelo chamado Índice de Medo e Ganância (Fear &

Jurij Tolin 16:56 2025-05-30 UTC+2

Dicas de negociação no mercado de criptomoedas para 29 de maio (sessão norte-americana)

O Bitcoin mostrou uma recuperação bastante sólida, voltando a subir acima da marca de $108.000 e ultrapassando os $109.000. O gráfico abaixo destaca um rompimento matinal do nível de $108.100

Miroslaw Bawulski 17:43 2025-05-29 UTC+2

Bitcoin se recupera para $109.000

O Bitcoin se recuperou rapidamente para a marca de $109.000 hoje. Esse rápido aumento, especialmente após a queda de ontem para cerca de $106.600, mais uma vez destaca o forte

Jakub Novak 17:43 2025-05-29 UTC+2

Bitcoin Emergindo da sombra de Wall Street: por que os próximos meses serão decisivos para o mercado de criptomoedas

O anúncio de que a Cantor Fitzgerald, uma das maiores instituições financeiras entre os dealers primários dos EUA, está lançando operações de crédito com garantia em Bitcoin redefiniu o mercado

Ekaterina Kiseleva 16:51 2025-05-29 UTC+2

A demanda por Bitcoin não mostra sinais de enfraquecimento

A demanda por Bitcoin mostrou resiliência mais uma vez. Depois de uma breve queda abaixo da marca de US$ 107.000, o declínio foi rapidamente comprado, demonstrando que os compradores continuam

Jakub Novak 15:21 2025-05-29 UTC+2

Recomendações de negociação para o mercado de criptomoedas em 28 de maio

O Bitcoin não conseguiu se manter acima do nível de $110.000, enquanto o Ethereum novamente apresentou um crescimento decente, impulsionado pelas notícias de um possível aumento de forma significativa

Miroslaw Bawulski 18:16 2025-05-28 UTC+2

Análise técnica do movimento intradiário dos preços do Bitcoin, quarta-feira, 21 de maio de 2025

No gráfico de 4 horas do Bitcoin, observa-se uma divergência entre o movimento do preço e o indicador Oscilador Estocástico, o que sugere um possível enfraquecimento no curto prazo

Arief Makmur 17:22 2025-05-28 UTC+2

Bitcoin entre a euforia e o risco: US$ 300.000 ou correção?

O Bitcoin atingiu US$ 110.000, mas não conseguiu sustentar a alta ao longo do dia, mantendo-se em consolidação. No entanto, essa calmaria está longe de ser um sinal de esgotamento

Ekaterina Kiseleva 17:00 2025-05-28 UTC+2
Não pode falar agora?
Faça sua pergunta no chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.