UK unveils plan for crypto regulation

After FTX's collapse, the UK is pursuing regulation of the crypto sector with renewed urgency.

In the wake of FTX's collapse, the UK is stepping up efforts to regulate the crypto sector. The initial plans are ready, reported by the Financial Times, which cites three Treasury insiders.

As part of the regulatory framework, there will be "restrictions on foreign companies selling in the UK". They also want to set tougher rules for corporate bankruptcies and curb crypto advertising.

These new powers are meant to empower the Financial Conduct Authority (FCA) to more broadly oversee crypto. Following the FTX collapse, the government wants to bring more order to the so-called ‘wild west of the financial world’. Earlier in October, the British Parliament passed a law to better regulate cryptocurrencies.