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FCA to decide on cryptocurrency fate in the UK; ban expected

fca to decide crypto fate in uk

Various sources have reported, that the Financial Conduct Authority (FCA) will decide on imposing a ban on virtual-currencies throughout the United Kingdom.

The agency has released an announcement to hold a conference in the early months of next year to decide whether to place a ban on crypto-sales in the future. Although crypto spot markets do not come under FCA jurisdiction, their trading and CFDs still fall under its perimeters.

The FCA believes that this trading is much riskier than real-world trade not only because the crypto-currencies are hard to trace but also because they raise the stakes higher than the initial investment while also finding additional fees.

Crypto investors in England have earned a lot of wealth through blockchain technology notably IG Group. FCA is working on regulating their trade while trying to extend its authority to cryptocurrencies themselves.

Though investors realize the need for proper regulation of crypto-assets, they want it to be fair and easy for investors to continue operating their crypto-wallets.

FCA considers crypto-currency not only bad for investors but also as potential threats to economic stability.

The U.K government released a report regarding crypto-currencies. While the report acknowledged its benefits, it had a very guarded and cautious tone to it. The report also divided the crypto-currencies infrastructure into three parts according to their various uses.

Although legal systems across the globe are recognizing and regulating crypto-currencies, there are many problems that are yet to be dealt with. While developments in the UK continue, experts predict that proper crypto-regulations will take almost two years.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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