London British financial regulator the Financial Conduct Authority (FCA) is tightening rules for trading in crypto products from October. After opening a crypto custody account, individuals must wait 24 hours to trade digital financial products. Additionally, there will no longer be bonus payments for referring crypto providers to friends.
Cryptocurrencies are digitally created financial assets where every transaction is recorded in a decentralized database.
The new rules will apply to all crypto products traded in the UK, even if they are offered by overseas issuers. Non-fungible tokens (NFTs) are still exempt from the new regulations.
Trading and ownership of crypto products has increased significantly in the UK. Ten percent of those surveyed said they already held a crypto product, according to a representative survey by the FCA. Nationwide, that’s about five million Britons.
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