UK Bill Targeting Crypto Crimes Nears Approval, FCA Shows Willingness for Collaboration
Summary:
The Economic Crime and Corporate Transparency Bill, designed to curb cryptocurrency-related financial offenses, is nearing final approval by the UK's House of Lords. This bill also introduces regulations for corporate transparency and foreign business registrations. Furthermore, the Financial Conduct Authority (FCA) has shown willingness to work with crypto companies to form a regulatory framework for the industry.
The Economic Crime and Corporate Transparency Bill, primarily intended to combat cryptocurrency-related financial crimes, is in the final stages of review by the UK's House of Lords. First proposed in September 2022, the bill has moved from the House of Commons to the House of Lords over the past twelve months, and is now on the cusp of final approval.
Supplementary documentation for the bill has been endorsed by the House of Lords, with the aim of more clearly targeting the financial gains of fraud and other financial crimes. The bill also hopes to establish guidelines for corporate transparency and foreign business registrations.
The ultimate steps of the bill's process will involve the UK Parliament either accepting the proposed updates or suggesting modifications to the bill. Upon endorsement, royal assent—a formal approval procedure by the monarch—will transform the bill into law.
The UK’s financial watchdog, the Financial Conduct Authority (FCA), expressed its readiness to coordinate with crypto firms to construct a long-anticipated regulatory framework for the sector.
During the City Week conference in London, Sarah Pritchard, FCA Executive Director stated: “Let’s collaborate to model our rules and regulations to benefit markets, consumers and companies as crypto moves from the fringes to the mainstream.”
She further clarified that the FCA's role is confined to ensuring that cryptocurrency businesses operating within the UK adhere to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws.
Published At
9/19/2023 9:09:27 AM
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