• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Britain Takes its Cryptocurrency Watch Seriously as FCA Set to Impose New Vetting Procedures
The British Financial Conduct Authority currently has the power to approve any and all financial promotions by an unauthorized third party firm. Sources close to the work of the FCA claimed that the system was not working as well as they wanted it to.

Britain Takes its Cryptocurrency Watch Seriously as FCA Set to Impose New Vetting Procedures

July 21, 2020 by Akash Anand

The mammoth growth of the cryptocurrency industry has triggered several world governments to change the ways they regulate virtual assets. European countries have taken a clear stane on the matter of cryptocurrencies with most of the member states supporting the growth.

According to recent reports, Britain has taken new steps to curb the practice of illegitimacy in the native cryptocurrency ecosystem. The country’s finance ministry recently proposed that the country’s financial watchdog could soon get the power to regulate cryptocurrencies such as Bitcoin.

The British Financial Conduct Authority currently has the power to approve any and all financial promotions from an unauthorized third-party firm. Sources close to the FCA’s workings claimed that the established system was not working as well as they wanted it to. The proposed changes will seek to establish a pre-vetting procedure where companies will be asked to submit their changes to a “regulatory gateway”.

John Glen, the Treasury and City Minister of London mainly pointed out at firms that were selling unknown thrid party adverts even after selling regulated investments. He was quoted as saying:

“If adverts by unauthorised firms are misleading, or don’t fully outline the risks, then people can end up losing money. That’s why we want to put more protections in place around such financial promotions, including the promotion of cryptoassets, while continuing to ensure people have access to a wide range of products on the market.”

Misleading advertisements and information on the internet have led to multiple incidents where people have lost their investments. A 2019 Q4 analysis of the cryptocurrency market showed there was a massive increase in the number of scams as the years progressed. Billions of dollars worth of cryptocurrencies were lost as a result of phishing schemes as well as exchange hacks.

Many experts agree that an intervention by the government body will be the quickest method to eradicate unsafe third party programs and content. The HM Treasury further added that a lack of crypto regulation was one of the main hindrances for its mainstream adoption. Another research pointed out that Britons were increasingly looking for “Get rich quick schemes”, forcing them to adopt any means to make money.

 

Filed Under: News

Primary Sidebar

Recent Posts

  • Dubai’s Financial Watchdog Keen On Developing Regulatory Regime For Cryptocurrencies January 21, 2021
  • Bitcoiners Have Now Started To Run Their Own Nodes As Figures Peak January 20, 2021
  • Coinbase Acquires Another Company Ahead Of Its IPO January 20, 2021
  • Bitstamp Mandates KYC; Dutch Users Banned From Withdrawals Without KYC January 20, 2021
  • Ethereum Takes A Plunge Towards Berlin Hard Fork January 20, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.