Cryptocurrencies indicating that they are risky assets. UK Financial Conduct Authority (FCA)also focused on cryptocurrencies at its meeting today.
Speaking at the FCA’s annual review meeting Nikhil Rathi, CEO of FCA, institution crypto- reiterating his views on “that people should be prepared to lose all their money if they invest in cryptocurrencies” told.
FCA held its meeting today in public.
Repeating his views on cryptocurrencies at the FCA meeting for years, he shared the measures they recommend and take to protect investors against the potential risks of cryptocurrencies.
“We recognized the potential of cryptocurrencies and blockchain technology and have meticulously implemented new anti-money laundering standards.
At the same time, we continued to warn investors that they should be prepared to lose all their money if they invest their money in crypto assets.”
Meeting outside FCA CEO Nikhil Rathi Sarah Pritchard, FCA’s general manager of markets also spoke.
Pritchard said that they have identified three main points for regulating crypto.
“First, we looked at crypto as a high-risk investment. People still do not understand the seriousness of the risk of losing all their money in crypto.
Second, we looked at crypto as a means of payment. To combat this aspect, the FCA has teamed up with the Treasury and the Bank of England to pass legislation that would allow stablecoins to be used as means of payment.
Finally, we recognized the potential and benefits of blockchain technology, and with this acceptance, we aimed to use blockchain technology in innovation.”
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