The Financial Conduct Authority (FCA) has begun the process of defining which cryptoassets it will be responsible for regulating by opening a consultation on the "small but growing market", which poses "substantial risks to consumers".
Cryptoassets, such as Bitcoin, have been driven into the regulatory spotlight by the market's high levels of volatility combined with unregulated marketing, creating potential consumer protection concerns. The FCA's consultation, which is open until 5 April, was established in response to the Government's Cryptoasset Taskforce's October report setting out the UK's policy and regulatory approach to cryptoassets and Distributed Ledger Technology (DLT). The report assessed the risks and potential benefits of cryptoassets, identifying potential harms, as well as setting out a plan for reg...
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