The UK Financial Conduct Authority (FCA) has reached the final step in regulating cryptocurrency firms and is seeking feedback on further rules by March 12. The FCA is also introducing a Consumer Duty rule that requires financial firms to act in good faith and help customers achieve financial goals. This rule will apply to crypto companies to ensure good outcomes for customers. The FCA emphasized that regulation is not meant to stifle innovation but to manage risks in the market. Firms planning to offer regulated crypto activities must adhere to new rules taking effect in October 2027. Ripple has received MLR registration from the FCA for offering crypto-related services. The FCA has started accepting applications for regulated crypto activities, paving the way for formal regulation in the UK by 2027.

Read more at Yahoo Finance: U.K. FCA moves closer to crypto regulation with final consumer duty consultation