News
UK plans full cryptocurrency regulation
By Francesca Hangeior
Britain’s financial watchdog, on Tuesday, launched plans for full regulation of cryptocurrency from 2026.
This move is coming amid booming demand for highly volatile bitcoin.
The world’s biggest cryptocurrency has surged in value since Donald Trump won the US presidential election in early November.
However, bitcoin has also experienced huge losses in recent years.
Trump has pledged to make the United States the cryptocurrency capital of the world through supportive regulations, pushing bitcoin towards the symbolic record $100,000 mark.
Britain’s Financial Conduct Authority on Tuesday announced a roadmap featuring consultations on cryptocurrency regulation ahead of “final rules” by the watchdog in 2026.
The FCA also plans by early next year rules on “stablecoins”, which are backed by a traditional currency, most often the dollar.
Crypto ownership has grown to 12 percent of adults in the UK, according to data from the regulator published Tuesday.
“Currently, cryptocurrency remains largely unregulated in the UK and high-risk,” the FCA said.
“Our research results highlight the need for clear regulation that supports a safe, competitive and sustainable cryptocurrency sector in the UK,” said Matthew Long, director of payments and digital assets at the watchdog.
The FCA last year tightened rules over the promotion and selling of cryptocurrency. This include measures to ensure companies promoting these digital assets give “clear warning” that customers could lose money in “high risk” investments.
News of the FCA roadmap came as a cross-party parliamentary group on Tuesday slammed the watchdog for its activity over the past three years, claiming it is “not fit for purpose”.
MPs and peers in a report urged an overhaul after concluding the regulator “is seen as incompetent at best, dishonest at worst”.
They added: “Its actions are slow and inadequate, its leaders opaque and unaccountable.”
It follows a series of recent scandals that have marred the financial sector in Britain.
“We sympathise with those who have lost out as a result of wrongdoing in financial services,” the FCA said in response.
“However, we strongly reject the characterisation of the organisation,” it added in a statement.
President Bola Ahmed Tinubu will depart Abuja on Wednesday for a state visit to France.
According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Emmanuel Macron invited his Nigerian counterpart to the European country.
Onanuga said the three-day visit will focus “on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation among others”.
“President Tinubu who will be traveling with the First Lady Sen. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings.”
“During the visit, President Tinubu and President Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.
“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication. They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.
“Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative,” the statement read.
Tinubu and his wife who will be hosted to a state dinner by the French leader before their departure, will be accompanied by top government officials.
Nigeria’s Presidency has said that as Port Harcourt Refinery begins operations on Tuesday, about 200 trucks are set to load petroleum production at the government-owned plant.
A presidential spokesperson, Sunday Dare, disclosed this in a statement through his official X handle on Tuesday.
This comes as they Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has commenced crude oil processing.
Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
Provide Adequate Security For Transmission Towers Across Nigeria – Reps Tell FG
JUST IN: Tinubu Heading For France
200 trucks expected to load products daily from Port Harcourt Refinery —Presidency
Just in: Terrorists ambush military truck, kill all soldiers on board
Nigerian Dancer, Korra Obidi Attacked with acid, stabbed on stage In UK
Meet Rare Gem 16 Years Old Chiaza, CEO of ‘RUN MARKET PLACE’
-
News14 hours agoFew Months After Retirement From Winners Chapel, Bishop David Abioye Launches New Ministry, Gives Reasons
-
Metro14 hours agoGunmen Kidnap Deputy Superintendent Of Corrections, 15 Others
-
Sports15 hours agoMohamed Salah Speaks On Dumping Liverpool Amid Contract Delay
-
Politics14 hours agoINEC knocks PDP governors over election rigging allegations
-
Politics14 hours agoCross River: PDP members stage protest over ousted chairman
-
Metro15 hours agoSAD! Cult war claims life of groom on wedding day
-
Metro15 hours agoNigerians call on NAFDAC to probe viral ‘organic weight gain pap’ for babies
-
News10 hours agoBREAKING: Makarfi dies in Kaduna at 93