City regulator will require booming industry to prove its resilience to risk from October next year
Crypto firms operating in the UK will be forced to prove they can weather market shocks and hold capital against risky assets as part of sweeping new rules announced by the Financial Conduct Authority (FCA).
The regulations will increase supervision of the crypto industry, which has so far has faced minimal oversight despite a boom in popularity linked to social media influencers and a legitimisation drive under the US president, Donald Trump.
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This article was originally published by The Guardian and written by Kalyeena Makortoff Banking correspondent.
Read original article on The Guardian