FCA leadership announced the need to study instability in cryptocurrences – Bits Media

Executive Director of the Office for Financial Regulation and Supervision of Great Britain (FCA) stated, that the regulator will take into account recent crypto events in the development of new industry rules.

Sarah Pritchard (Sarah Pritchard) In an interview, Bloomberg recognized, What before The beginning of the development of the regulatory framework for digital currencies must be studied by the situation with Terra.

If innovation works well and safely, They stay, The representative of the FCA leadership states. However, the events of last week exposed problems, with whom the regulators have to work. The official also reminded of the last year's survey of Opinium, which is approved, what order 69% adults younger 40 years old, investing in cryptocurrencies, They made a mistake, that these assets are regulated by FCA:

“The situation reminds us of really important problems, which exist right now, relate to the functioning of the market, and consumer protection protection. Important, So that people understand, How the digital assets market works, And what they risk, investing your money ".

Until now, the FCA has been limited only to ensuring compliance with cryptocurrencies of standards regarding the rules for combating money laundering. Many companies even began to leave the UK because of tightening rules. Then the regulator said, that these companies are too young and do not understand, How to work with supervisory authorities.

At the end 2022 FCA years will have to receive new powers to regulate cryptocurrencies from the British Ministry of Finance. Also at the end of the year they are going to announce the preparatory bills, concerning the sphere of financial services and markets.

Earlier it became known, that the British Ministry of Finance is developing a plan of legislative initiatives, which should make the country as a "leader in the field of technology and innovation".