After South Korea and Japan now the UK is also on the list to regulate the cryptocurrencies. UK’s financial regulator is in a hurry to launch the regulations later this year and works on this is already started to achieve the target on time.
The Financial Conduct Authority (FCA) recently announced that it is working with treasury department of the nation and with the Bank of England on the issue and discussion papers for cryptocurrencies are tabled already.
FCA’s 2018 business plan stated that “Cryptocurrencies has been an area of increasing interest for markets and regulators globally,”
Investors of crypto are eagerly waiting for the recommendations and report of the committee because it will decide the mood of the market in near future and also it will be equally important to see how the market will respond to this when the report comes out.
The body already issued a notice regarding the risk related to the initial coin offering (ICO) how crowdfunding is happening through this which in interest of investors.
According to Jacob Ghanty a financial regulatory partner at UK law firm Kemp Little.
“Ultimately, the FCA is trying to develop a coherent strategy for dealing with the issues and risks that cryptocurrencies raise,”
Uk’s Treasury committee also launched an inquiry in the month of February to protect the investor’s money by stopping fraudulent exercises going through initial coin offerings and other means related to cryptocurrencies.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.