The financial regulator (the FCA) published its business plan this week, sharing its focus and goals. A key concern is unregulated cryptocurrency, with the watchdog echoing its opinion that anyone who touches this should be prepared to lose all their money.
What do we think of this? A step in the right direction?
Link to the publication:
https://www.fca.org.uk/publications/business-plans/2021-22I think what FCA has said about unregulated crypto assets, is same as the opinions coming from other regulators from around the world. But unfortunately they fail to understand that a cryptocurrency decentralized in nature, can't be regulated. Exchanges and dealers can be regulated but the asset itself can't be regulated.
It's true that many cryptocurrency issuers have scammed people and that's an ongoing concern. So I believe it's a step towards right direction to ensure such scammers can't operate from UK. But having a regulation and enforcing a regulation is a different story altogether.