FCA, Financial Conduct Authority, published a notice about 111 unauthorised firms which are allegedly operating their crypto business in the U.K.
FCA, Financial Conduct Authority, is an authority of the U.K which is responsible for the tracking of illegal or unauthorised Cryptocurrency business & Anti money laundering activities.
FCA issued a notice against 111 unregistered Cryptocurrency companies which are running their business without legal permission.
Here it should be noticed that FCA is also responsible for the legalisation of Cryptocurrency services through systematic approvals.
According to FCA there are around 50+ crypto assets requested to run their business in the U.K but they refused to approve because they don’t suit the law requirements.
So these crypto assets firms withdrew their request for legalization.
FCA also stated that highly restricted rules over Cryptocurrency can make them useful and safe for Investors. In the present time legalization of Cryptocurrency in asset classes is in trend.
A survey by FCA over last week revealed that around 2.3 million adults have invested their money in Cryptocurrency.
Since last year, the number of adults who Invested in Cryptocurrency was 1.9 million.
While this report clearly indicates that people are entering more rapidly in Cryptocurrency Investment, there is a huge lack can be seen in the education awareness regarding Cryptocurrency Investment & basics of Cryptocurrency technology.
They also talked about the financial advisor services which are also working at a somewhat good level, where they are not forcing any of their clients to invest in meme assets or popularity based coins.
FCA also stated that a direct ban of Cryptocurrency may not lead to an advantage for the country, but legalization of Cryptocurrency in asset classes with high restrictions will result in good results for citizens and also for the country’s economy.