So, the U.K.’s Financial Conduct Authority (FCA) has had a change of heart. After years of treating cryptocurrency like the wild, unpredictable sibling at Thanksgiving dinner, they’ve finally decided to loosen up a bit. According to the Financial Times, the FCA plans to stop freaking out so much about crypto companies-while simultaneously tightening the screws on cyber risks. Because nothing says “party” like more rules about hackers.
Apparently, the FCA’s new plan is all about adapting their dusty old financial rulebook to the shiny, mysterious world of cryptoassets. David Geale, the FCA’s executive director for payments and digital finance, pointed out the obvious: just slapping traditional finance rules onto crypto is like trying to fit a square peg into a round blockchain. Geale said, “You have to recognize that some of these things are very different,” which is code for, “We’re still figuring this stuff out, folks.”
In mildly shocking news, the FCA admits that crypto companies might actually be less dangerous than banks. Yes, banks – those institutions that gave us the Great Recession and overdraft fees. So, crypto firms will face fewer restrictions on their fancy senior management titles, systems, and controls. Because who needs stringent oversight when you have memes and Elon Musk tweets? 🐕🚀
Oh, and forget about those pesky “cooling-off periods” they usually force on customers. In the land of crypto, prices zoom up and down faster than you can say “bitcoin to the moon,” so the FCA is saying: if you want to throw your money into the digital void, go right ahead – no waiting, no holding back. And because blockchain is like an open-source potluck with no middlemen, the FCA decided it’s not even “outsourcing,” so no extra paperwork there. Fancy that.
But don’t get too excited just yet. While crypto gets a little leeway, cyberattacks are still the big, ugly monster hiding under the bed. The FCA promises to tighten those rules so that hackers don’t have an all-you-can-eat buffet of stolen data. Their grand plan? To have cryptocurrencies fully folded into the regulatory tapestry by 2026. Because nothing says “innovation” like waiting four years to sort it all out.
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2025-09-17 16:45