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.
UK Moves to Regulate Crypto by 2027 After FCA Sought Public Feedback on Oversight
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
