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Treasury, FCA and crypto-regulation – are consumers too exposed?

Compliance Monitor

Treasury, FCA and crypto-regulation – are consumers too exposed?

Research by the regulator has revealed poor levels of publicunderstanding about cryptoassets, and activity in this area can leave consumersat serious risk of suffering loss. Treasury proposals are a step in the rightdirection, argues Thomas Cattee.

In the United Kingdom, cryptoasset relatedactivities are rightly being increasingly regulated for anti-money laundering (AML)and financial crime reporting purposes. However, except where cryptoassets crossover into certain other regulated areas, there is currently no specific widerregulatory framework. As such it has been recognised that they may not besubject to the same consumer protections or safeguards as other financialservices. This comes at a time of increased public awareness yet decreasedgeneral understanding of this complex area (see more on this, below).

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