The UK Finance Conduct Authority researched the country’s cryptocurrency market to understand the citizen’s attitude towards digital assets. Curiously enough is that they do it right before the registration deadline set for companies dealing with cryptocurrency.
The UK Financial Conduct Authority (FCA) recently issued well-filtered recommendations to the public especially the investors not to participate in cryptocurrency investments related to Covid19 through an official website.
On July 31, 2019, the United Kingdom financial and markets watchdog warned of the major dangers of unregulated Bitcoin and other cryptocurrencies. The Financial Conduct Authority (FCA) revealed that they don’t have core value and provide users less protections and further indicated that those unregulated tokens fall outside the range of its authorities.
The U.K disclosed that it has rolled out a total of 67 different inquiries into cryptoasset firms, out of which 49 were successfully closed and 18 are still ongoing. To boot, the U.K government has ratified that it is poised for action to offer more aid to the Financial Conduct Authority (FCA) to assist regulate the cryptocurrency sector.