[UK Cryptocurrency Suspended: Revolut and Others Stop Services]
The UK cryptocurrency industry has received active government attention in 2023, with UK Prime Minister Rishi Sunak highlighting the goal of establishing the UK as a global Web3 hub. The strategy stems from the government’s plan a year ago to establish the UK as a global hub for crypto-asset technology and investment.
The Bank of England recently launched regulatory proposals for stablecoins and related service providers, with the aim of achieving the safe operation of stablecoins in payment systems. However, for some actual cryptocurrency users in the UK, they have faced fewer and fewer choices this year when it comes to interacting with cryptocurrencies on centralized platforms.
Among them, digital bank Revolut will suspend some cryptocurrency services in the UK. This decision comes in response to new regulatory requirements for crypto asset investments from the Financial Conduct Authority (FCA). The FCA’s new rules require all companies promoting crypto assets to be registered with the FCA and strictly require financial promotions to be fair, clear and not misleading.
These developments show that the UK cryptocurrency industry is in a state of uncertainty, especially given that the FCA’s new guidance will take time to adapt and implement. As 2024 approaches, industry players will work to ensure that these changes ultimately lead to a more stable and compliant operating environment.