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Crypto Companies Win Exemptions From Some UK Finance Rules

Crypto News

The United Kingdom’s Financial Conduct Authority is reportedly planning to exempt cryptocurrency companies from some of its rules.

David Geale, executive director for payments and digital finance at the FCA, said a “lift and drop” of traditional finance rules would not be effective when applied to the crypto industry, the Financial Times reported Wednesday (Sept. 17).

The FCA proposals, detailed in a new consultation paper, are designed to adapt its existing rules to the nature and risks of crypto assets, the report said.

“We start from the principle that if it is the same risk, you go for the same regulatory outcome,” Geale said, per the report, emphasizing that any changes would not mean lower standards.

“But then you…

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