The Financial Conduct Authority (FCA) has announced that it is looking into the proposed regulation of the cryptocurrency industry and is carrying out a consultation until 5th April of this year.
While cryptocurrencies have been around for almost a decade, they grew to new heights when the price of bitcoin reached its peak of $20,000 in December 2017. The sudden growth led to a wave of interest and investment from around the world. However, the City Regulator is now looking into potential regulation for the industry to reduce risk for those that use them.
The new proposed regulation can create barriers to entry and increased costs for trading platforms, news sites and price comparisons which have sprouted up in the last year – something that will put tech PR companies into a frenzy.
Read more at Arutz Sheva.