On December 11, Andreas Utermann makes his remarks during a session panel at London. He was seating alongside Andrew Bailey, the head of the Financial Conduct Authority (FCA) at the United Kingdom.
Considering the recent crash in a crypto market, Utterman says that he was surprised observing regulators haven’t yet step in harder. Moreover, he urges them to outlaw the crypto asset class.
Bailey counters Utterman, quoting “quite strong actually”; he continues to underscore lack of intrinsic value within crypto assets. Bailey adds the British watchdog is watching crypto assets very carefully along observing Initial Coin Offerings under surveillance.
Back in last month, a crypto market decline eases pressure from the regulators at the UK. This relieves then from introducing hasty new rules, along with government authorities and FCA representatives expressing the shots. They say that this minimizing “heat” will let them buy some time. Moreover, they can tune the balance between investor protection and financial innovation fostering.
Following the same month, the head official confirms the FCA is preparing a ban on crypto contracts-for-difference (CFDs. They are voicing concerns relating “complex, volatile and often leveraging derivatives products on exchange tokens regarding underlying market integrity issues.”
As crypto derivatives come under the regulatory perimeter of FCA, crypto market activities preferably do not. Back in October, the Crypto assets Taskforce include representatives from the U.K. Treasury, the FCA, and the Bank of England. They collaboratively publish a report suggesting a new three-fold categorization for crypto assets on their use cases.
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