UK Financial Conduct Authority(FCA) CEO warned that citizens should be prepared to lose all their funds if they invest in cryptocurrencies.
The Financial Conduct Authority (FCA) held a public meeting to reiterate its message for several years. At the meeting, he recapitulated the regulatory measures he has taken to protect investors.
UK Regulator Warns Crypto Investors
CEO of the UK Financial Conduct Authority (FCA) Nikhil Rathisaid at its annual review meeting that if people invest in crypto, they should be prepared to lose all their money.
Answering questions from journalists and the public FCA acknowledged that current crypto policies are limited beyond anti-money laundering restrictions. The FCA also stated that it is preparing to introduce additional crypto-asset regulations alongside the existing anti-money laundering registry system.
While an FCA representative stated that they support 56 firms based on distributed ledger technology, there are currently 246 unregistered crypto-asset firms operating in the UK.
general manager of markets at FCA Sarah PritchardHe also reiterated that as a high-risk investment, people do not understand the seriousness of the risk of losing all their money to crypto.
