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.
The UK's government officials and major financial regulators revealed that a fall in the price of Bitcoin and other cryptocurrencies has relieved the tension on Britain's financial watchdog to take fundamental action that could dissuade or discourage financial innovation and investment.
Several financial regulators from various countries around the globe have collaborated to create a new network to batten, encourage growth and development of important financial technologies such as Blockchain technology.
The United Kingdom’s Financial Conduct Authority (FCA) has officially asked bank CEOs to ‘enhance scrutiny’ in order to avoid the financial scams related to digital currencies. The watchdog also suggested banks create a special expertise for their staff helping them to identify financial activities of a high-risk.