NewsletterNews Flash: UK’s Financial Authority FCA Investigating 18 Cryptocurrency Companies
UK’s financial authority acts as a nanny when it comes to businesses that are employing Bitcoin and cryptocurrency. Enclosing this, the legal watchdogs are keenly stepping up to draft the most effective approach on how cryptocurrencies and Blockchain tech can be employed.
Key Highlights:
- May 2018 – 24 firms were investigated
- November 2018 – FCA opened inquiries for 67 firms
- December 2018 – FCA investigates 18 businesses, targets Bitcoin activities
18 cryptocurrency firms under scanner
The latest report released by UK media unveiled that the FCA (Financial Conduct Authority) is currently investigating 18 companies which are working with the decentralized mechanism. However, the name of these 18 firms is out of sight but the investigation is a result of increasing concern for customer’s financial soundness.
Following Nov 12, FCA counted almost 67 firms in connection with cryptocurrency wherein 2/3rd of such investigations have been launched since May. The strategic lead at FCA, Christopher Woolard urged that ‘cryptoassest posed potential harm’ across the UK. With this, he also highlights the upcoming measures that the FCA, Bank of England and HM Treasury will conduct to encourage beneficial innovation by eradicating threats.
UK regulators on the hunt
Moreover while detailing the coming year plan, FCA notes that;
“We will work with the Bank of England and the Treasury as part of a task force to develop thinking and publish a Discussion Paper later this year outlining our policy thinking on cryptocurrencies,”
The official report revealed during April 2018 notes that FCA isn’t intended to regulate cryptocurrencies in case if such crypto assets fall under regulated products or services. The increasing concern over businesses in connection with cryptocurrencies comes with the escalating ICO approaches with unregulated loopholes that happened last year. Though 2018 wasn’t as significant as 2017 for cryptocurrency prices and the increasing threats, ICO scams, threatening Bitcoin bomb emails and illicit activities are no exception.
What do you think about FCA’s finding? What would be the best fit solution to address?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
