The Ministry of Finance of Great Britain wants to limit credit card use when buying crypto.
According to a new report from Reuters, the Financial Conduct wants to reduce Authority (FCA) “bad actors” and at the same time support legitimate projects.
“We are considering a series of limitations, including limiting the use of credit cards to buy cryptoassets directly and to use a credit line that is provided by an E-money company to do this.”
The FCA would still enable consumers to buy Stablecoins by credit card.
However, the FCA still says that crypto investors must be willing to lose everything when betting on digital assets.
Earlier this year, the FCA moved to prohibit crypto advertisements and managed to reduce the advertisements by 50%.
The FCA says that it is now making “good progress” with technology companies when regulating the forbidden advertisements, but is still “concerned about the prevalence of online fraud and scams”.
“Many social media sites have now prohibited paid advertisements for British financial services of non-FCA authorized companies, and we remain [take] Action against those we find our rules. “
While he was looking for feedback on Crypto Regulation in February, David Geale, executive director of payments and digital financing at the FCA, said,:
“Crypto is a growing industry. Currently not regulated, we want to create a crypto regime that gives companies the clarity they need to safely innovate, while offering the right levels of market integrity and consumer protection.
Our goal is to stimulate sustainable, long -term growth of crypto in the UK. We ask if we have the balance right. “
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Featured image: Shutterstock/Poptika