The UK will step up efforts to regulate cryptocurrency markets after the collapse of Terra (LUNA) and TerraUSD (UST).
Bloomberg’s 20 May According to the news dated United Kingdom financial regulator Financial Conduct Authority (FCA)last week LUNA and TOP after the collapse accelerating regulation of cryptocurrency markets took action for it.
of the FCA bringing new rules to cryptoassets and to apply towards the end of this year Department of the Treasury and that the recent market instability in stablecoins will begin to work in partnership withwill definitely need to be taken into account.”said FCA’s director of markets. Sarah Pritchardin an interview on Wednesday;
Innovation is permanent if it works well. Frankly, we have seen some of the problems that may arise in recent days and their consequences.
said.
FCA by October In a survey published in About 70% of investors aged 40 and under who buy crypto make the wrong assumption that digital assets are regulated. said to have revealed Pritchardwithout aiming LUNA and TOP Referring to the collapse of the consumer protection, he made the following statements:
In terms of both a well-functioning market and consumer protection, such problems are often the first thing that comes to mind. The past week, when we saw significant price movements, highlighted these problems and demonstrated the importance of making sure people understand that they are investing their money in a risky place.
According to the data, in total before the events 40 million dollars with market value LUNA and TOPcollapse of A loss of $ 380 billion in the crypto money market caused.
United Kingdomlast March will work on a new package to regulate crypto and plans to regulate stablecoins as well had explained.