Select Page

UK Finance Lobbyist Wants More Consumer Protection for Crypto

UK Finance Lobbyist Wants More Consumer Protection for Crypto
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

U.K. financial lobbyist TheCityUK is pushing for greater protection regarding crypto assets, because they reportedly expose retail consumers to highly volatile markets.

According to a report from the lobbyist, companies marketing crypto to consumers need to be authorized. They also highlighted that nearly ten million people in Britain owned digital assets this year. This figure is a 558% increase from 2018. 

Better regulation to attract investment

Despite the call for regulation and protection, TheCityUK is not inherently against cryptocurrencies. In fact, the lobbyist posits that providing a nuanced response would help attract more crypto-based companies to London.

“Government and regulators have an important part to play,” CEO Miles Celic said in a statement. “They must set safe and robust rules for this burgeoning sector, while ensuring they don’t inadvertently squash good ideas before they can mature and flourish.”

TheCityUK highlighted the U.K.’s presidency of the G-7 group of countries this year. According to the lobbyist, this would give the country a platform to lead crypto oversight, enabling coordination with other countries.

However, TheCityUK stressed that the reforms would need to come quickly. According to the lobbyist, some feel that the U.K. is beginning to lag behind other countries regarding a crypto framework. “Clarity on the regulation of crypto assets and related services such as issuance, trading and safekeeping will determine firms’ appetites to use the U.K. to launch innovative products and services,” it said.

Bank of England skepticism

Meanwhile, Bank of England Governor Andrew Bailey maintains his skepticism regarding the emerging asset class. Taking a contrary stance to the lobbying firm, he says there’s a danger of “getting carried away” with financial innovation. 

While Bailey admits that general financial innovation is good for the economy, he bemoans crypto’s lack of intrinsic value. “I don’t want to be seen as a Luddite,” Bailey said, but he finds crypto assets “dangerous,” while also remarking on their “huge enthusiasm.”

The post UK Finance Lobbyist Wants More Consumer Protection for Crypto appeared first on BeInCrypto.


Source: BeInCrypto


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for the android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own here


Select a Sub Category


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber