Connect with us
Advertisement
Advertisement

Business

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

Published

on

Crypto, Cryptocurrency Regulations.

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

Finalists announced for Monday’s Welsh Apprentice Butcher of the Year final

Published

on

TWO talented Welsh apprentice butchers will be looking to prove they are a cut above the rest in the final of the country’s top competition next week.

The Welsh Apprentice Butcher of the Year final takes places on the first day of the three-day Welsh International Culinary Championships (WICC) at the International Convention Centre Wales (ICC Wales), Newport on Monday.

Competing for the coveted title will be Kieran Thomas, who works for Albert Rees Ltd, Carmarthen Market and Ollie Holden-Davies, who works for Neil Powell Butchers, Hay-on-Wye.

Sponsored by the Culinary Association of Wales (CAW) and Cambrian Training Company, the competition is open to Welsh butchery apprentices employed or studying for a qualification in Wales.

The finalists will have 30 minutes to cut a whole Welsh Lamb carcass into primal joints and then one hour and 40 minutes to create a visually exciting display of products showcasing their skills and creativity. All products must be clearly labelled and accompanied by cooking instructions.

The butchers must create a minimum of two lamb products identical in appearance, size and weight. They will be judged on their appearance, the meat display, creativity, skills, wastage, food safety and health and safety.

The winner will be announced at the WICC awards dinner on the evening of Wednesday, January 22 at ICC Wales.

The final and all three days of the WICC, which runs from January 20-22, are open free of charge to the public and hospitality trade.

The competition could be a stepping stone to the Craft Butchery Team Wales, which has included five former Welsh Butcher of the Year or Welsh Young Butcher of the Year winners – captain Peter Rushforth, Matthew Edwards, Tomi Jones, Dan Allen-Raftery and Craig Holly.

Arwyn Watkins, OBE, CAW president and Cambrian Training Company’s executive chairman, said: “The Welsh Apprentice Butcher of the Year competition is a great opportunity for apprentice butchers to put their skills to the test in front of an audience.

“It’s a huge honour to be named the best in Wales at your chosen vocation and people attending the WICC will have a chance to watch highly skilled apprentice butchers demonstrating their talent and meat display techniques.”

Organised by the CAW, the 2025 WICC also hosts a wide range of competitions over three days, including the Welsh National, Junior and Vegan Chef of the Year finals and the Skills Competition Wales hospitality competitions.

Picture caption:

Last year’s Welsh Craft Butcher of the Year champion Philip Tucker from Mumbles at work in the final.

Continue Reading

Business

José Peralta Appointed New CEO of Hybu Cig Cymru – Meat Promotion Wales

Published

on

AFTER an extensive recruitment process, José Peralta has been named the new Chief Executive of Hybu Cig Cymru – Meat Promotion Wales (HCC), the red meat levy body.

José brings over 25 years of experience in the UK meat industry, having held senior leadership roles across several prominent companies. Notably, he served as Managing Director of the UK’s second-largest red meat business under the ownership of Grampian Country Food Group, Vion, and 2 Sisters Food Group. During his tenure, the organisation achieved annual sales exceeding £500 million, employed over 3,000 staff, and operated six processing plants across the UK, making it a significant seller of Welsh beef and lamb domestically and internationally until 2016.

Following this, José became Managing Director of Tulip Food Company, overseeing eight processing sites and generating over £500 million in annual sales of pork-based products. Most recently, he served as Chief Operating Officer of Pembrokeshire-based Puffin Produce, where he spearheaded initiatives such as the development of the Pembrokeshire Creamery milk bottling plant.

HCC Chair Welcomes New Leadership

Commenting on the appointment, HCC Chair Catherine Smith said: “The Hybu Cig Cymru Board is delighted to welcome José Peralta as our new Chief Executive. His exceptional leadership skills and extensive experience in the red meat industry make him the ideal candidate to guide HCC into its next phase of development within an evolving and dynamic sector.

“This is an exciting time for HCC as we continue to grow and strengthen our renowned brands, PGI Welsh Lamb and Welsh Beef. With the finalisation of our current five-year business plan and the shaping of our strategic vision for 2026 and beyond, our focus is on creating a roadmap that supports the sustainable growth of the industry as a vital part of the Welsh agri-food economy.

“We also extend our heartfelt thanks to Heather Anstey-Myers, who has served as Interim Chief Executive over the past year, for her dedication and hard work.”

Government Endorsement

Huw Irranca-Davies, Deputy First Minister with responsibility for Climate Change and Rural Affairs, praised the appointment: “I am pleased that José Peralta is taking on this important role. His extensive track record in the red meat industry will be invaluable in advancing the organisation and ensuring it delivers the best outcomes for levy payers and the broader agri-food sector. Hybu Cig Cymru plays a crucial role in working with the Welsh Government and stakeholders to secure a sustainable future for farmers across Wales.”

CEO’s Vision for the Future

José Peralta expressed enthusiasm for his new role, stating: “I am honoured to join Hybu Cig Cymru and look forward to collaborating with the HCC team to champion the development and promotion of the Welsh red meat industry on behalf of our levy payers.

“Over the coming weeks and months, I will engage with levy payers and industry partners to identify opportunities for collaboration and partnership, ensuring maximum returns for both levy payers and the wider industry.”

José Peralta is set to assume his position on 20 January 2025.

Continue Reading

Business

Ferry update: Holyhead reopens, Pembroke Dock ferry returns to normal

Published

on

THE PEMBROKE DOCK Ferry Terminal, owned and operated by the Port of Milford Haven, has experienced a surge in activity in recent weeks. This was due to freight traffic being temporarily diverted to ports across the south-west following the closure of Holyhead Port.

The Port of Milford Haven is pleased to confirm that with the re-opening of Holyhead Port tomorrow, normal service will resume at Pembroke Dock Ferry Terminal. Irish Ferries will operate its usual twice-daily sailings to Rosslare, with the Isle of Innisfree scheduled to depart at 2:45am and 2:45pm.

A spokesperson said: “We would like to thank the community of Pembroke Dock for their understanding during this period of increased traffic through the town.”

Freight operators and passengers are encouraged to check the Irish Ferries website for up-to-date timetables and booking information.

Continue Reading

News1 day ago

Landslides close section of Pembrokeshire coastal path once again

A SECTION of a south Pembrokeshire beach-side coastal path has been closed once again after a number of landslips in...

Community1 day ago

Stricken vessel now off Broad Haven as pollution experts stand-by

A dramatic turn of events has seen the survey vessel KMS Terramare redirected to Broad Haven, where it is set...

News2 days ago

Housing plans for former Penally asylum seeker camp

THE EARLY stages of plans for a potential housing scheme at a Pembrokeshire military training camp, controversially used to house...

News2 days ago

Survey vessel stranded at Newgale beach prompts RNLI response

A 24.5-METRE survey vessel, the MTS Terramare, found itself in a precarious situation after becoming stranded on Newgale Beach on...

Health4 days ago

Cancer patients face long waits for diagnosis and treatment in Wales

A REPORT released by Audit Wales has revealed that cancer care in Wales continues to struggle with significant delays in...

Crime4 days ago

Father of baby girl killed in Tenby incident says its been like a ‘horror movie’

A SIX-MONTH-OLD baby girl has tragically died after her pram was struck by a car in a multi-storey car park...

Crime4 days ago

Ex-prison officer exposes failures and mismanagement at HMP Parc

A FORMER prison officer has come forward with allegations of systemic failings at HMP Parc in Bridgend, claiming that neglect,...

Charity4 days ago

Charity seeks homes for hens destined for slaughter in Pembrokeshire

A CHARITY dedicated to saving ex-laying hens from slaughter is appealing to the public to help rehome 139 chickens at...

Community4 days ago

Urgent action needed to protect Wales’ natural resources, says NRW report

NATURAL RESOURCES WALES (NRW) has published its interim State of Natural Resources Report 2025 (SoNaRR), urging immediate, collective action to...

Community6 days ago

Engineering work to bring major disruptions across local rail network

TRANSPORT FOR WALES, in partnership with Network Rail, has announced a comprehensive programme of engineering works across the South West...

Popular This Week