FCA/Randell: Cryptocurrency Regulations “Need to Be Balanced” - News-Credit-Mortgage-Coin


Car donation, Insurance, Credit, Money, news

Coin Market

Monday, September 6, 2021

FCA/Randell: Cryptocurrency Regulations “Need to Be Balanced”

 The head of the UK's regulator, the Financial Conduct Authority (FCA), said that regulating the cryptocurrency market should both "protect customers" and "promote new ideas" in the industry.

Charles Randell, Chairman of the Financial Conduct Authority, shared his views on the crypto money market, which the country has not yet regulated, at the Cambridge International Symposium on Economic Crimes.

Talking about stablecoins and security tokens in his draft speech, Randell said that “digital tokens can improve the payment (technology) market”. “It is necessary to find the right balance between regulations that will protect customers and the market and regulations that will encourage useful, new ideas in this field.” said.

Referring to the risks of speculation and the use of cryptocurrencies for illegal purposes, the regulator said, “In order for the regulation system to work, businesses that want to obtain an operating permit from the Financial Conduct Authority must be at the disposal of the FCA, that we have certain people and resources we can reach for auditing. needed.” made the statement.

“As FCA, we will not allow businesses that cannot clarify simple matters such as who is responsible for the key business of the company and how it is structured.”

To warn domestic investors, the Financial Conduct Authority has recently released a list of suspected cryptocurrency exchanges that are not licensed in the UK.

“Good financial regulation is one that promotes innovation, productivity, and economic growth.” Randell explained that they need to find the necessary balance to “protect” investors on the one hand and to give people “the freedom to make decisions that are their responsibility” on the other.

One of the steps the FI has taken to protect investors has been to ban the sale of cryptocurrency derivatives and ETNs to individual investors in the country.

No comments:

Post a Comment