Business

How the FCA’s new crypto regulations will affect the industry

Published

12 months ago

December 12, 2024

The Financial Conduct Authority (FCA) has introduced sweeping new rules aimed at regulating the cryptocurrency sector in the UK. These changes are intended to align crypto businesses with traditional financial standards and increase consumer protection. While the industry continues to expand, these regulations are already reshaping how crypto firms operate in the UK.

The growing role of cryptocurrency in everyday life

Cryptocurrencies are no longer confined to niche communities or speculative investments. They are now deeply integrated into major industries, including finance, technology, and retail. In finance, digital currencies provide investors with an alternative asset class. Blockchain technology, which underpins cryptocurrencies, has become a cornerstone for secure data management in the tech sector.

In industries like iGaming, cryptocurrencies have been widely integrated. For instance, they now represent a whole category of online casinos that provide local players with an option to experience less restrictive sites than the ones regulated by the UK Gambling Commission. With stringent rules on things like betting limits to the mandatory nature of the GamStop program, many players now feel UKGC-regulated platforms are too stifling.

According to iGaming expert Chris Jackson, offshore crypto casinos provide alternative options that aren’t subject to the GamStop program. Among them, the best non GamStop casinos UK players can register with offer a wealth of unique benefits. Between enabling faster payouts, better gaming libraries, and no-KYC registration processes, using crypto as a payment method has truly revolutionised this industry.

On the other hand, many retail businesses have also started to embrace digital payments, offering customers the convenience of using cryptocurrencies to purchase goods and services. This trend is accelerating as people grow more comfortable with digital currencies, highlighting their role in transforming traditional payment methods.

The FCA’s stringent regulatory framework

The FCA’s new regulations mark a significant shift for the UK’s cryptocurrency sector. The rules require firms to meet higher capital standards, ensuring they can cover potential losses. In addition, measures to prevent insider trading and market manipulation are now in place, reflecting the FCA’s commitment to improving market integrity.

Firms must also adhere to stricter rules on custody, safeguarding client assets, and implementing risk management practices. These changes aim to enhance transparency and build trust in the crypto market. The FCA’s approach signals that it wants to ensure cryptocurrency transactions are as safe and reliable as those in traditional financial markets.

The impact on crypto firms

The regulations are creating significant challenges for businesses operating in the crypto sector. Many companies are facing higher operational costs as they adjust their systems and processes to comply with the new standards. Some firms, particularly smaller ones, are struggling to meet the requirements and may decide to leave the UK market altogether.

While larger firms are better equipped to adapt, even they are experiencing increased compliance burdens. The FCA has made it clear that these measures are necessary to protect consumers and uphold market stability, but the short-term effects on businesses are considerable.

Balancing consumer protection and innovation

At the heart of the FCA’s regulatory push is the goal of protecting consumers while promoting a fair and transparent crypto market. The new rules address concerns over financial crime, with firms required to implement robust anti-money laundering controls.

Transparency is also a key focus, with businesses needing to provide clear and accurate information to customers about their operations. These measures aim to foster trust and stability in a market that has faced criticism for its lack of oversight.

However, the FCA’s challenge is to strike a balance between safeguarding users and allowing the industry to innovate. Many in the crypto community fear that overly stringent rules could stifle growth and push businesses to relocate to more lenient jurisdictions. Striking this balance is no small task, as regulators must consider both the rapid pace of technological advancement and the need for robust consumer protection frameworks.

What lies ahead for the crypto industry

The future of the UK’s cryptocurrency industry will depend on how effectively the new regulations are implemented and how the market responds. The FCA has signalled that it will continue refining its approach, with further consultations on consumer protection and market abuse planned for 2024 and 2025. These initiatives highlight a commitment to ongoing dialogue and adaptation as the crypto landscape evolves.

The UK government has also expressed its ambition to position the country as a global hub for digital assets. For this to succeed, regulators and industry players will need to work together to ensure that innovation is not hampered by excessive oversight. Collaboration between policymakers and businesses will be key in fostering a regulatory environment that supports growth while addressing risks.

The coming years will be crucial in determining whether the UK can maintain its leadership in the evolving world of cryptocurrency. The stakes are high, but with a measured approach, the UK has an opportunity to set a global standard.

Business

First wind turbine components arrive as LNG project moves ahead

Published

7 hours ago

December 4, 2025

Tom Sinclair

THE FIRST ship carrying major components for Dragon LNG’s new onshore wind turbines docked at Pembroke Port last week, marking the start of physical deliveries for the multi-million-pound renewable energy project.

The Maltese-registered general cargo vessel Peak Bergen berthed at Pembroke Dock on Wednesday 26^th November, bringing tower sections and other heavy components for the three Enercon turbines that will eventually stand on land adjacent to the existing gas terminal at Waterston.

A second vessel, the Irish-flagged Wilson Flex IV, has arrived in Pembroke Port today (Thursday) carrying the giant rotor blades.

The deliveries follow a successful trial convoy on 25 November, when police-escorted low-loader trailers carried dummy loads along the planned route from the port through Pembroke, past Waterloo roundabout and up the A477 to the Dragon LNG site.

Dragon LNG’s Community and Social Performance Officer, Lynette Round, confirmed the latest movements in emails to the Herald.

“The Peak Bergen arrived last week with the first components,” she said. “We are expecting another delivery tomorrow (Thursday) onboard the Wilson Flex IV. This will be blades and is currently showing an ETA of approximately 03:30.”

The £14.3 million project, approved by Welsh Ministers last year, will see three turbines with a combined capacity of up to 13.5 MW erected on company-owned land next to the LNG terminal. Once operational – expected in late 2026 – they will generate enough electricity to power the entire site, significantly reducing its carbon footprint.

The Weather conditions were favourable for the arrival of the Wilson Flex IV, which was tracking south of the Smalls at midnight.

The abnormal-load convoys carrying the components from the port to Waterston are expected to begin early next year, subject to final police and highway approvals.

A community benefit fund linked to the project will provide for residents in nearby Waterston, Llanstadwell and Neyland.

Further updates will be issued by Dragon LNG as the Port of Milford Haven as the delivery programme continues.

Photo: Martin Cavaney

Business

Cardiff Airport announces special Air France flights for Six Nations

Published

11 hours ago

December 4, 2025

Tom Sinclair

Direct services to Paris-Charles de Gaulle launched to cater for Welsh supporters, French fans and couples planning a Valentine’s getaway

CARDIFF AIRPORT and Air France have unveiled a series of special direct flights between Cardiff (CWL) and Paris-Charles de Gaulle (CDG) scheduled for February 2026.

Timed to coincide with two major dates — the Wales v France Six Nations clash on Saturday 15 February and Valentine’s weekend — the flights are designed to offer supporters and holidaymakers an easy link between the two capitals.

For travelling French rugby fans, the services provide a straightforward route into Wales ahead of match day at the Principality Stadium, when Cardiff will once again be transformed by the colour, noise and passion that accompanies one of the tournament’s most eagerly awaited fixtures.

For Welsh passengers, the additional flights offer a seamless escape to Paris for Valentine’s Day, as well as opportunities for short breaks and onward travel via Air France’s wider global network.

Cardiff Airport CEO Jon Bridge said: “We’re thrilled to offer direct flights to such a vibrant and exciting city for Valentine’s weekend. Cardiff Airport is expanding its reach and giving customers fantastic travel options. We’ve listened to passenger demand and are delighted to make this opportunity possible. There is more to come from Cardiff.”

Tickets are already on sale via the Air France website and through travel agents.

Special flight schedule

Paris (CDG) → Cardiff (CWL):

13 February 2026: AF4148 departs 17:00 (arrives 17:30)
14 February 2026: AF4148 departs 14:00 (arrives 14:30)
15 February 2026: AF4148 departs 08:00 (arrives 08:30)
15 February 2026: AF4150 departs 19:40 (arrives 20:10)
16 February 2026: AF4148 departs 08:00 (arrives 08:30)
16 February 2026: AF4150 departs 16:30 (arrives 17:00)

Cardiff (CWL) → Paris (CDG):

13 February 2026: AF4149 departs 18:20 (arrives 20:50)
14 February 2026: AF4149 departs 15:20 (arrives 17:50)
15 February 2026: AF4149 departs 09:20 (arrives 11:50)
15 February 2026: AF4151 departs 21:00 (arrives 23:30)
16 February 2026: AF4149 departs 09:20 (arrives 11:50)
16 February 2026: AF4151 departs 17:50 (arrives 20:20)

Business

Cwm Deri Vineyard Martletwy holiday lets plans deferred

Published

19 hours ago

December 4, 2025

Bruce Sinclair - Local Democracy Reporter

CALLS to convert a former vineyard restaurant in rural Pembrokeshire which had been recommended for refusal has been given a breathing space by planners.

In an application recommended for refusal at the December meeting of Pembrokeshire County Council’s planning committee, Barry Cadogan sought permission for a farm diversification and expansion of an existing holiday operation through the conversion of the redundant former Cwm Deri vineyard production base and restaurant to three holiday lets at Oaklea, Martletwy.

It was recommended for refusal on the grounds of the open countryside location being contrary to planning policy and there was no evidence submitted that the application would not increase foul flows and that nutrient neutrality in the Pembrokeshire Marine SAC would be achieved within this catchment.

An officer report said that, while the scheme was suggested as a form of farm diversification, no detail had been provided in the form of a business case.

Speaking at the meeting, agent Andrew Vaughan-Harries of Hayston Developments & Planning Ltd, after the committee had enjoyed a seasonal break for mince pies, said of the recommendation for refusal: “I’m a bit grumpy over this one; the client has done everything right, he has talked with the authority and it’s not in retrospect but has had a negative report from your officers.”

He said the former Cwm Deri vineyard had been a very successful business, with a shop and a restaurant catering for ‘100 covers’ before it closed two three years ago when the original owner relocated to Carmarthenshire.

He said Mr Cadogan then bought the site, farming over 36 acres and running a small campsite of 20 spaces, but didn’t wish to run a café or a wine shop; arguing the “beautiful kitchen” and facilities would easily convert to holiday let use.

He said a “common sense approach” showed a septic tank that could cope with a restaurant of “100 covers” could cope with three holiday lets, describing the nitrates issue as “a red herring”.

He suggested a deferral for further information to be provided by the applicant, adding: “This is a big, missed opportunity if we just kick this out today, there’s a building sitting there not creating any jobs.”

On the ‘open countryside’ argument, he said that while many viewed Martletwy as “a little bit in the sticks” there was already permission for the campsite, and the restaurant, and the Bluestone holiday park and the Wild Lakes water park were roughly a mile or so away.

He said converting the former restaurant would “be an asset to bring it over to tourism,” adding: “We don’t all want to stay in Tenby or the Ty Hotel in Milford Haven.”

While Cllr Nick Neuman felt the nutrients issue could be overcome, Cllr Michael Williams warned the application was “clearly outside policy,” recommending it be refused.

A counter-proposal, by Cllr Tony Wilcox, called for a site visit before any decision was made, the application returning to a future committee; members voting seven to three in favour of that.