I just read something interesting about what's happening in the UK with regulation. The FCA has just released a new public consultation seeking feedback on how to regulate crypto assets in the local market. Basically, they are defining how they will oversee everything related to stablecoins, exchanges, custody, and staking.

The thing is, this comes after they implemented the Financial Services and Markets Act 2000 for crypto assets in February, so they are in the process of building the regulatory framework. They have until June 3rd to receive comments from anyone interested, and then starting September 30th, they will begin accepting applications from crypto companies for authorization.

What catches my attention is that the FCA explicitly acknowledges that until now, crypto assets have practically had no regulation in the UK, only restrictions on financial promotions and crime-related issues. So, this is a pretty significant change.

Additionally, the FCA says they will publish policy statements related to this by summer, with the final version expected in fall. They also mention that they will conduct more consultations on DeFi and blockchain technology resilience later in the year.

For the crypto sector, this probably means that the coming months will be crucial. Companies that want to operate legally in the UK with crypto assets will need to be prepared to meet these new requirements. An interesting time to watch how regulation in Europe evolves.