The UK regulator wants to ban crypto purchases using credit cards or other forms of credit.
It is seeking public feedback on the discussion paper Regulating Cryptoassets Activities.
The UK’s Financial Conduct Authority (FCA) is exploring restrictions on UK residents purchasing cryptocurrencies on credit, and is now seeking public feedback on this and other proposed regulatory measures.
“We are considering a range of restrictions, including limiting the use of credit cards to directly buy cryptoassets, and using a credit line provided by an e-money firm to do so,” the discussion paper titled Regulating Cryptoassets Activities noted.
However, the British agency would exempt authorised stablecoin purchases from these credit restrictions.
The proposal came only a few days after the UK government announced its plans to regulate the local cryptocurrency industry. According to a recent YouGov survey, the number of Britons purchasing cryptocurrencies more than doubled, from 6 per cent in 2022 to 14 per cent last year.
David Geale, Executive Director of Payments and Digital Finance at the FCA
“Crypto is a growing industry. Currently largely unregulated, we want to create a crypto regime that gives firms the clarity they need to safely innovate, while delivering appropriate levels of market integrity and consumer protection,” said David Geale, Executive Director of Payments and Digital Finance at the FCA.
“Our aim is to drive sustainable, long-term growth of crypto in the UK.”
Read more: UK Targets Crypto Exchanges With New Rules as Adoption Triples to 12%
Currently, the FCA requires all locally operated crypto firms to register with it. However, its oversight is limited to anti-money laundering rules, the financial promotions regime, and consumer protection legislation.
Despite the mandatory registration requirement, the FCA rejected 86 per cent of applications from crypto firms in the 12 months ending April 2024. In the ongoing financial year, however, the rejection rate has declined to 75 per cent.
Controlling the Operations of Crypto Platforms
The British regulator has also raised concerns about market abuse, disclosures, stablecoins, custody, and prudential matters.
It proposes that all crypto trading platforms must treat trades equally, separate their proprietary trading activities from those of retail customers, and be transparent about pricing and trade executions. Furthermore, the discussion paper proposed banning trading platforms from paying intermediaries for order flow.
The FCA would also require crypto companies offering services in the UK to operate through an authorised local legal entity. Additionally, consumers with staked cryptocurrencies who suffer losses due to third-party actions must be compensated.
Although the regulator does not intend to cover decentralised finance operations run solely by lines of code, any such platform with a “clear controlling person” would fall under the scope of UK crypto regulations.
The UK’s Financial Conduct Authority (FCA) is exploring restrictions on UK residents purchasing cryptocurrencies on credit, and is now seeking public feedback on this and other proposed regulatory measures.
“We are considering a range of restrictions, including limiting the use of credit cards to directly buy cryptoassets, and using a credit line provided by an e-money firm to do so,” the discussion paper titled Regulating Cryptoassets Activities noted.
However, the British agency would exempt authorised stablecoin purchases from these credit restrictions.
The proposal came only a few days after the UK government announced its plans to regulate the local cryptocurrency industry. According to a recent YouGov survey, the number of Britons purchasing cryptocurrencies more than doubled, from 6 per cent in 2022 to 14 per cent last year.
David Geale, Executive Director of Payments and Digital Finance at the FCA
“Crypto is a growing industry. Currently largely unregulated, we want to create a crypto regime that gives firms the clarity they need to safely innovate, while delivering appropriate levels of market integrity and consumer protection,” said David Geale, Executive Director of Payments and Digital Finance at the FCA.
“Our aim is to drive sustainable, long-term growth of crypto in the UK.”
Read more: UK Targets Crypto Exchanges With New Rules as Adoption Triples to 12%
Currently, the FCA requires all locally operated crypto firms to register with it. However, its oversight is limited to anti-money laundering rules, the financial promotions regime, and consumer protection legislation.
Despite the mandatory registration requirement, the FCA rejected 86 per cent of applications from crypto firms in the 12 months ending April 2024. In the ongoing financial year, however, the rejection rate has declined to 75 per cent.
Controlling the Operations of Crypto Platforms
The British regulator has also raised concerns about market abuse, disclosures, stablecoins, custody, and prudential matters.
It proposes that all crypto trading platforms must treat trades equally, separate their proprietary trading activities from those of retail customers, and be transparent about pricing and trade executions. Furthermore, the discussion paper proposed banning trading platforms from paying intermediaries for order flow.
The FCA would also require crypto companies offering services in the UK to operate through an authorised local legal entity. Additionally, consumers with staked cryptocurrencies who suffer losses due to third-party actions must be compensated.
Although the regulator does not intend to cover decentralised finance operations run solely by lines of code, any such platform with a “clear controlling person” would fall under the scope of UK crypto regulations.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
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In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
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Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
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- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
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Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
