Oliver Linch, CEO of the bankrupt cryptocurrency exchange Bittrex, criticized the UK’s strict rules on the cryptocurrency industry.
CEO Oliver Linch In a statement to The Block, he said: The UK Financial Regulator (FCA) He stated that its strict rules harmed the cryptocurrency industry in the country.
Especially regarding cryptocurrencies advertising and marketing rules many cryptocurrency actors caused him to withdraw from the country Stating that Linch continued his statement with the following statements:
The FCA’s very strict marketing rules have led to some major cryptocurrency companies withdrawing from the country. However, the rules themselves are more or less the same as those that apply to other financial institutions in the UK, so most of us saw this coming.
In the current rules offered by the UK, While promoting cryptocurrencies is heavily restricted must be implemented before new users are accepted to exchanges. procedures also was tightened.
Finally, the well-established cryptocurrency exchange Bitfinexannounced that it would remove its products and services for some of its customers in the UK, joining the exchanges that restricted or withdrew their activities in the country.
However, the CEO emphasized that protecting consumers is of course important and a priority, and while still providing this priority, A clear regulatory framework is needed reminded:
Keeping consumers safe is of utmost importance and priority, and the best way to do this is to create a legal framework that is clear enough to ensure compliance in the market.
Continuing his statement, Linch said that England Digital Securities Sandbox (DSS) He evaluated the step as a truly positive initiative. This and similar of the country taking possessive steps He stated that it was important:
The next step is to take data directly from the industry through Sandbox and apply it to a comprehensive legal framework. So regulated crypto activity can exist outside this bubble and move the UK forward.
on January 8 Within the scope of these rules that came into force, a constructive attitude towards the cryptocurrency industry was included. However, this Sandbox was not considered sufficient by some participants.