Nikhil Rathi, CEO of the UK’s Financial Conduct Authority (FCA), warned that citizens could lose all their funds if they invest in cryptocurrencies.
To reiterate its message for several years, the Financial Conduct Authority held a public meeting online on Wednesday, October 11th. The regulatory measures decided at this investor-focused meeting were summarized again. Responding to questions from journalists and the public, the FCA said current crypto policies are due to anti-money laundering. is limitingly strict he accepted.
Due to these restrictions, which continue to be in force in the UK, many crypto companies have not been able to maintain continuity. In addition, several crypto companies have decided to terminate their UK operations.
An FCA agent based on decentralized ledger technology that they support 56 companies although currently operating in the UK 246 unregistered crypto asset companies exists.
general manager of the market network at FCA Sarah Pritchardidentified different approaches to regulating crypto. First, people risk losing all their money that they should seriously understand and cryptocurrencies included in the high-risk investment group it was underlined.
According to the statement made by the financial auditor institution, to warn consumers “smart scamEfforts continue to remind consumers of this risk with the ” campaign. Measures to combat fraud in advertising, the latest Online Security ActIt is also in .
On the other hand, the FCA also acknowledges the “potential” and “benefits” of blockchain technology on market innovation. It is aimed to reflect these benefits, especially in the presence of two programs. These two programs are guiding financial firms to launch innovative products. Innovation Paths and testing innovative offerings with consumers first. Regulatory Sandbox is expressed as.
For the anti-fraud system in the UK $144 billion a year known to be spent.