Nikhil Rathi, CEO of the Financial Conduct Authority, has said “clear lines” are needed around crypto, while also launching an increased supervisory approach for newly authorised firms.
"We need clarity around ruling out future Financial Services Compensation Scheme (FSCS) coverage for investment losses from crypto, even when advised," he commented. "As we have consistently warned, if you invest in crypto, you need to be prepared to lose all your money." Speaking at a City Week event in the Guildhall , he highlighted that most adults do not know crypto is not regulated by the FCA "apart from our narrow remit on ensuring anti-money laundering rules are upheld". Rathi added the FCA is currently limited in the protection it can offer as firms it rejects can still ser...
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