The FCA leadership stated the need to study the instability in the crypto markets

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The chief executive of the UK Financial Conduct Authority (FCA) said that the regulator will take into account recent developments in the crypto market when developing new rules for the industry.

Sarah Pritchard in interview Bloomberg acknowledged that before starting to develop a regulatory framework for digital currencies, it is necessary to study the situation with Terra.

If innovations work well and safely, they stay, says an FCA executive. However, the events of the last week have exposed the problems that regulators have to work with. The official also recalled last year’s Opinium survey, which states that about 69% of adults under 40 who invested in cryptocurrencies mistakenly believed that these assets were regulated by the FCA:

“The situation reminds us of the really important issues that exist right now, concerning both the functioning of the market and consumer protection. It is important that people understand how the digital asset market works and what they risk by investing their money.”

Until now, the FCA has been limited to ensuring that crypto companies comply with standards regarding anti-money laundering regulations. Many companies have even started to leave the UK due to tightened regulations. Then the regulator said that these companies are too young and do not understand how to work with supervisory authorities.

At the end of 2022, the FCA will have to receive new powers to regulate cryptocurrencies from the UK Treasury. Also, at the end of the year, they are going to announce upcoming bills related to the financial services and markets.

Earlier it became known that the UK Treasury is developing a plan of legislative initiatives, which should make the country “a leader in technology and innovation.”

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Source: Bits

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