"Currently, crypto remains largely unregulated in the UK and high-risk," said the FCA, emphasizing the urgency for clear regulations to safeguard investments.
Matthew Long stated, "Our research results highlight the need for clear regulation that supports a safe, competitive and sustainable crypto sector in the UK."
A cross-party parliamentary group criticized the FCA for its activities, describing it as "not fit for purpose" and calling for significant reforms to improve its effectiveness.
The FCA's roadmap outlines plans for regulations on cryptocurrencies by 2026, including 'stablecoins' rules expected by early next year.
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