The number of people who own cryptocurrencies in the United Kingdom has doubled, reaching 10% in 2022, according to research commissioned by this body, which points out that “many of them now regret their decision”.
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From October, buyers will need to be explicitly informed about the risks of loss in the volatile decentralized cryptocurrency market, refer-a-friend bonuses will be banned and a withdrawal period will be introduced for new users, the FCA listed.
“Our rules give users time and adequate warning to take informed action,” said Sheldon Mills, an executive at the regulator.
Su Carpenter, head of British lobby group CryptoUK, expressed concern that the new rules could create “unreasonably high barriers to entry”, harming new companies and encouraging some groups to circumvent regulation by operating “from outside the UK”.
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“The FCA follows in the footsteps of the Securities and Exchange Commission (SEC), which announced legal action against Binance and Coinbase”, two of the main cryptocurrency sales platforms, said analyst Susannah Streeter, from Hargreaves Lansdown.
