In the UK, they can prohibit foreign companies with cryptocurrencies – Bits Media

Despite the more positive attitude of the new Government of Great Britain to cryptocurrencies, The bill on the regulation of digital assets implies restrictions on foreign legal entities.

The British Ministry of Finance is completing work on the package legal norms for the regulation of cryptocurrencies. The recent collapse of the FTX Exchange influenced these legal norms - officials suggest tightening the regulation of crypto -company advertising, as well as limit the possibility of selling digital assets in the UK for foreign legal entities. Follow compliance with the norms will be the management of financial supervision (FCA).

There is no detailed information about the requirements of the new law. Expected, that it will be accepted next year.

On Wednesday, 7 December, The Committee of the British Ministry of Finance will hold a meeting with FCA experts and the Central Bank about the risks of cryptocurrencies, as well as about the "pros and cons of state digital currencies. Also, a specialist is going to speak as part of the meeting, who conducted an investigation about investments of football fans in cryptocurrencies after advertising with the participation of athletes.

British authorities back in 2020 year obliged
Cryptocurrency companies register in FCA. But due to the complexity of the process, many firms began to transfer business into offshores, while continuing to work in the United Kingdom. The new bill will prohibit such companies with activities in the country.