UK regulator TheFCA wants to limit people's access to crypto, capping holdings at 10% of assets and banning bonuses for referring friends. jackschickler reports.
Investment in crypto assets should be capped, with consumers warned that they could lose all their money, the U.K. Financial Conduct Authority said in a policy document published Monday.
“We want people to be able to invest with confidence, understand the risks involved, and get the investments that are right for them which reflect their appetite for risk,” Sarah Pritchard, the FCA’s executive director of markets, said in a statement. The FCA said “we still consider cryptoassets, when used as a speculative investment, to be high-risk,” in spite of its lack of current powers to directly regulate the market.Under the plans, potential crypto buyers must be given a “clearer and more prominent” warning that they could lose all their money and won’t be protected if something goes wrong.
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