Crypto and Blockchain: Risks and Opportunities Discussed by UK Financial Authority
Crypto, once seen as a small “anti-establishment rebellion asset,” has become more widespread, according to Sarah Pritchard, an executive director at the UK’s Financial Conduct Authority (FCA). Although the FCA has routinely warned consumers about the risks associated with crypto, Pritchard stated that the watchdog has always been open to innovation. However, she noted that few consumers understand what crypto is and how it works. As the crypto industry matures, Pritchard urged stakeholders to engage in discussions about risk, mitigation, and the limits of regulation. While crypto-assets and blockchain technology can provide faster and cheaper cross-border transactions, Pritchard also warned of the high risk of exploitation by organized criminals, which necessitates a regulatory regime that strikes an appropriate balance.
Clever Robot News Desk 27th April 2023