The British Financial Conduct Authority, FCA, has issued a rather strict warning in a guideline released Wednesday 31st July that cryptocurrencies like Bitcoin, Ethereum and Ripple are unregulated assets. It has also alerted investors of the risks involved in purchasing these assets.
Bitcoin (BTC), Ether (ETH), Ripple (XRP) and other similar cryptocurrencies or crypto-assets have been termed “unregulated” and with “no intrinsic value”.
The guideline clearly states its purpose of educating or informing market participants operating in the cryptocurrency space to understand if their activities fall within the scope of FCA’s “regulatory remit” and for which they require FCA’s authorization.
As contained in the introductory report,
“The FCA is, therefore, publishing the Final Guidance as consulted on with some amendments to provide greater clarity on what is and isn’t regulated. This includes making the important distinction as to which crypto assets fall inside the regulatory perimeter clearer.” Read More at Coingape...