UK's new crypto framework draws industry praise, but licensing burdens remain

The U.K. Financial Conduct Authority's (FCA) final framework for digital asset regulation has been met with a positive response from the local industry, CoinDesk reported. The new regulations permit access to global liquidity through overseas exchanges and allow for the circulation of stablecoins issued outside the U.K. However, the rules for licensing overseas branches only state the principle that they must come from a country with an equivalent regulatory framework, without specifying which nations qualify. Industry insiders have pointed out that this lack of predictability and clarity makes it difficult to formulate business plans. Furthermore, the licensing process under the new system is expected to pose a significant burden on businesses.