UK Crypto Regulation Conflict, 'Stress' Regulator Pressed by City Minister!

<p>&nbsp;"Hmm, what do you think? Do you want crypto regulations to be implemented in 6 months or 4?”</p><p><br /></p><p>Cities Minister Andrew Griffith has urged United Kingdom (UK) regulators to increase clarity on cryptocurrency advertising rules recently implemented after conflicts erupted over differing perspectives.</p><p><br /></p><p>Not only that, Griffith in a letter to the Financial Conduct Authority (FCA) has banned firms that offer digital assets from promoting their services to customers in the UK.</p><p><br /></p><p>The protection rules apply to all crypto firms whether they are in the UK or abroad, so anyone who breaks them will be subject to heavy fines or up to two years in prison.</p><p><br /></p><p><br /></p><p>In addition to urging the regulator to quickly issue final guidelines, Griffith also informed FCA Chief Executive Nikhil Rathi about complaints received from crypto firms agitated about the lack of guidance.</p><p><br /></p><p>Pleased to note that Prime Minister Rishi Sunak has actively supported crypto and a regulatory framework to encourage the growth of digital assets in Britain.</p><p><br /></p><p>However, the FCA has repeatedly voiced its concerns about the government's decision to shorten the time from six months to four in implementing follow-up regulations that could pose challenges for the crypto market.</p><p><br /></p><p>Griffith also raised some concerns about the scope of new regulations following decentralized finance (DeFi) which also require legal compliance could have implications on their global platform.</p>