The United Kingdom suspects that crypto technology may have a negative impact on the economy and because of this doubt they have allotted the Financial Conduct Authority (FCA) with a job. The FCA was to investigate all of the businesses and organizations involved with crypto technology. The investigation started in November with almost sixty-seven (67) organizations in question. AT the time of writing, about forty-nine cases are solved and closed.
A report on the thirty-nine (39) organizations that were examined has also been issued. But still, some organizations remain to checked yet, and about eighteen (18) are under inspection. The eighteen (18) organizations that are under inspection are unknown as the FCA refuses to reveal the names. The investigation already imposes a huge risk for the reputation of the organizations under inspection, and the FCA wants to respect the integrity of these organizations.
Crypto UK is a UK based organization that gave a statement regarding the matter saying that it is necessary to help the FCA because it is capable of ending the frauds that have soiled the name of the crypto space. The FCA needs the support of the crypto space to make the crypto technology flourish. The crypto space is already thriving in some countries.
This investigation of the organizations has a purpose, and that is to understand the industry so that a more effective and efficient structure can be created for the crypto space.
Right now all transactions that occur within the UK are decentralized and not monitored. In the start of December, the government of the United Kingdom and the FCA discussed and gave their answer to the report on crypto. The answer was that it is important to take the protection of the customer’s assets into consideration. This can only be done by restraining any possible through which frauds and scams can occur through.