UK FCA intends to exempt some crypto asset companies from traditional financial rules

PANews reported on September 17 that according to Financial Times, the UK Financial Conduct Authority (FCA) plans to include cryptoasset companies in a comprehensive regulatory framework from next year, but some traditional financial rules will be exempted. The FCA said that it is difficult to adapt to the characteristics of the crypto industry directly using existing financial regulations and will adjust regulatory measures based on risks. The encryption platform will not apply to the core principles such as "integrity operation" and "customer interests first", and there is no need to provide customers with a cooling-off period or cancellation right. The FCA also plans to strengthen the control of operational risks such as cyber attacks and solicit opinions on whether to include consumer protection obligations.