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UK's Finance Ministry Proposes 'Regulatory Gateway' for Crypto Assets

The government is also proposing to bring many unregulated crypto assets under the FCA's control due to the risk they pose to consumers on the Internet, it said.

The UK's Financial Conduct Authority (FCA) is putting forward new regulations concerning crypto assets, including bitcoin, according to a statement by the government.

"The government proposes to establish a regulatory 'gateway', which a firm must pass through before it is able to approve the financial promotions of unauthorised firms", the statement said on Monday. Any firm wishing to approve the financial promotions of unauthorised firms would first need to obtain the consent of the FCA."

According to the FCA, the current rules allow an authorised firm to approve the financial promotion of an unauthorised firm, which the body deems not safe enough. 

The new proposals are designed to protect consumers from getting misleading information and to avoid financial risks, Economic Secretary to the Treasury and City Minister John Glen said.

"If adverts by unauthorised firms are misleading, or don't fully outline the risks, then people can end up losing money", Glen said. "That's why we want to put more protections in place around such financial promotions, including the promotion of crypto assets, while continuing to ensure people have access to a wide range of products on the market".

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