The UK's Financial Conduct Authority (FCA) is looking into potentially banning the use of credit cards for buying cryptocurrencies as part of a strategy to reduce risky financial behaviors among retail investors. Highlighting consumer risks associated with volatile crypto markets, the FCA's discussion paper suggests that using credit for crypto purchases could lead to unsustainable debt. The regulator is also contemplating measures to enhance oversight by requiring crypto firms servicing UK customers to operate domestically, amidst rising concerns about crypto-related financial harm and extensive offshore operations.
"We are exploring whether it would be appropriate to restrict firms from accepting credit as a means for consumers to buy cryptoassets."
"Crypto is an area of potential growth for the UK but it has to be done right. To do that we have to provide an appropriate level of protection."
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