FCA 的調查和路線圖揭示了英國的加密貨幣監管前景

According to Tulip Siddiq, Economic Secretary to the Treasury, all cryptocurrency regulations will be implemented in one go by the Financial Conduct Authority (FCA). The FCA has outlined a roadmap for consultations.

美國財政部經濟部長 Tulip Siddiq 表示，所有加密貨幣法規將由金融行為監管局 (FCA) 一次實施。 FCA 概述了磋商路線圖。

The United Kingdom has adopted a different approach to regulating cryptocurrencies, including stablecoins and staking, after a change in government leadership. Previously, there were expectations that stablecoin and staking regulations would have been implemented by now. The Labour government emphasizes innovation, so the timing for implementing stablecoin regulation has become secondary.

在政府領導層發生變化後，英國採取了不同的方法來監管加密貨幣，包括穩定幣和質押。此前，人們預計穩定幣和質押監管現在已經實施。工黨政府強調創新，因此實施穩定幣監管的時機已成為次要的。

FCA's Roadmap and Consultation Plan

FCA 的路線圖和諮詢計劃

The FCA has clarified its regulatory approach toward the crypto industry. The legislation is expected to be finalized by 2026, toward the end of the year. The comprehensive regulatory overhaul will involve multiple stages of consultation.

FCA 明確了其對加密貨幣行業的監管方式。該法案預計將於 2026 年底完成。全面的監理改革將涉及多個階段的諮詢。

As part of the roadmap, the FCA is preparing initial discussion papers on crucial issues such as admission standards, disclosures, and market abuse. These papers are expected to be released within the quarter, and formal consultations are scheduled for the third quarter of 2025.

作為路線圖的一部分，FCA 正在準備有關准入標準、揭露和市場濫用等關鍵問題的初步討論文件。這些文件預計將在本季內發布，正式磋協議於 2025 年第三季進行。

The FCA has divided the consultations into four key areas:

FCA 將磋商分為四個關鍵領域：

Trading platforms, intermediation, lending, staking, and prudential exposures
Stablecoins, custody, and prudential standards
Conduct and firm standards for regulated activities
Market behavior and disclosures related to decentralized projects

The decentralized nature of the crypto industry poses challenges for the FCA. For example, it can be difficult to obtain data from decentralized issuers. The FCA has proposed that exchanges could play a role by providing information based on publicly available data. This would encourage decentralized projects to make their data more accessible, as exchanges would want to list more projects while keeping their workload manageable.

交易平台、中介、借貸、質押和審慎風險穩定幣、託管和審慎標準受監管活動的行為和嚴格標準與去中心化項目相關的市場行為和披露加密行業的去中心化性質給FCA 帶來了挑戰。例如，從分散的發行人那裡獲取數據可能很困難。 FCA 提議交易所可以透過提供基於公開數據的資訊來發揮作用。這將鼓勵去中心化項目使其數據更易於訪問，因為交易所希望列出更多項目，同時保持其工作量可控。

Crypto Ownership and Awareness in the UK

英國的加密貨幣所有權和意識

The latest YouGov survey indicates that the number of cryptocurrency holders in the UK continues to rise. In 2023, 12% of UK adults reported holding cryptocurrency, up from 10% in 2022. The average investment per holder also increased from £1,595 to £1,842. This growth shows increased crypto awareness, as 93% of respondents reported being familiar with cryptocurrency, up from 91% the previous year.

最新的 YouGov 調查顯示，英國的加密貨幣持有者數量持續增加。 2023 年，12% 的英國成年人持有加密貨幣，高於 2022 年的 10%。這一成長顯示加密貨幣意識有所提高，93% 的受訪者表示熟悉加密貨幣，高於去年的 91%。

Bitcoin remains the most widely known cryptocurrency, with 78% awareness. Ethereum is second at 31%, followed by Dogecoin at 30%. Lesser-known coins like Solana and TRON are also recognized by 11% and 10% of respondents, respectively. Among crypto holders, Ethereum and Dogecoin are nearly as well known as Bitcoin, indicating their growing popularity.

比特幣仍然是最廣為人知的加密貨幣，認知度為 78%。以太坊位居第二，佔 31%，其次是狗狗幣，佔 30%。 Solana 和 TRON 等較不知名的代幣也分別獲得 11% 和 10% 的受訪者認可。在加密貨幣持有者中，以太坊和狗狗幣幾乎與比特幣一樣出名，這表明它們越來越受歡迎。

Despite increased ownership, misconceptions about crypto regulation persist. Research shows that one-third of crypto owners are unaware that it is not regulated. This means that they cannot file a complaint with the FCA regarding unregulated crypto investments, and any losses incurred are not recoverable.

儘管所有權增加，但對加密貨幣監管的誤解仍然存在。研究表明，三分之一的加密貨幣所有者不知道它不受監管。這意味著他們無法就不受監管的加密貨幣投資向 FCA 提出投訴，並且造成的任何損失都無法挽回。

The Impact of Crypto Advertising

加密貨幣廣告的影響

The role of advertising in crypto adoption is mixed. While 60% of respondents said that advertising did not influence their investment decisions, a small percentage of those exposed to crypto ads took action. For example, 2% of respondents who had not considered buying crypto decided to invest after seeing an advert, and 10% of those considering crypto made a purchase. However, the advertisements also deterred 9% of the respondents from investing.

廣告在加密貨幣採用中的作用是複雜的。雖然 60% 的受訪者表示廣告不會影響他們的投資決策，但接觸加密廣告的一小部分人採取了行動。例如，2% 沒有考慮過購買加密貨幣的受訪者在看到廣告後決定投資，10% 考慮加密貨幣的受訪者進行了購買。然而，廣告也阻止了 9% 的受訪者投資。

Despite growing interest and aggressive marketing efforts, crypto remains a high-risk investment in the UK. The lack of regulatory oversight means that investors are not protected if things go wrong. They should be aware that they could lose their entire investment.

儘管人們對加密貨幣的興趣日益濃厚且行銷力度不斷加大，但加密貨幣在英國仍然是一項高風險投資。缺乏監管意味著如果出現問題，投資者將得不到保護。他們應該意識到他們可能會損失全部投資。

Matthew Long, the FCA's director of payments and digital assets, said that clear rules are necessary to make the crypto sector safe, competitive, and sustainable. He stated that the FCA would collaborate with the UK government, international partners, industry players, and consumers to ensure that the rules are well-crafted to support innovation while maintaining market integrity and consumer trust.

FCA 支付和數位資產主管 Matthew Long 表示，為了使加密產業安全、有競爭力和永續發展，必須制定明確的規則。他表示，FCA 將與英國政府、國際合作夥伴、產業參與者和消費者合作，確保精心製定規則來支持創新，同時維護市場誠信和消費者信任。

As the FCA continues to shape the future of crypto regulation in the UK, the industry is closely following the government's steps toward implementing a robust framework by 2026.

隨著 FCA 繼續塑造英國加密貨幣監管的未來，該行業正在密切關注政府在 2026 年之前實施穩健框架的步驟。