The UK financial watchdog plans to exempt cryptocurrency groups from some of its rules, even as it fully integrates the fast-growing sector into its regulatory framework from next year.
David Geale, the Financial Conduct Authority’s executive director for payments and digital finance, told the Financial Times that a simple “lift and drop” of traditional finance rules would not be effective for the crypto sector.
The regulator’s proposals, detailed in a consultation paper due for release on Wednesday, aim to adapt its existing rules to the unique nature and specific risks of cryptoassets, such as Bitcoin.
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