Despite the Conservative Party's rhetorical embracement of crypto under the new Prime Minister Rishi Sunak, the upcoming regulatory framework will reportedly tighten scrutiny over the industry. The legislation updates will broaden the powers of the financial regulator and probably limit foreign companies’ operations in the United Kingdom. 

According to a Financial Times report, the FTX collapse has influenced the course of the regulatory regime in the U.K. Reportedly, the Treasury is finalizing a package of guidelines that will enable the Financial Conduct Authority (FCA) to monitor the operations and advertising of crypto companies in the country. There also would be restrictions on selling crypto on the U.K. market from abroad.

(By DAVID ATTLEE)