Crypto Legislation

Charles Randall the Chair of the Financial Conduct Authority took the opportunity of a speech to the Cambridge International Symposium on Economic Crime on Sept 6th 2021 to put his views on the promotion and possible regulation of crypto assets – he advised that:

” in considering crypto, legislators need to consider 3 issues:

– how to make it harder for digital tokens to be used for financial crime.

– how to support useful innovation.

– the extent to which consumers should be free to buy unregulated purely speculative tokens and take the responsibility for their decisions to do so.”

He also highlighted the problem of social media being used to promote crypto assets, often newly issued, in possible “pump and dump” actions. It seems highly likely that regulators are considering actions to protect investors and that we will see crypto assets being regulated in the same way as any mainstream financial product.

Peter Halloway – Churchill

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