UK: New Report Warns Over ‘Bad’ Government Cryptocurrency Regulation
Critics call British authorities’ plans to increase regulatory control of Bitcoin and cryptocurrencies a “very blunt instrument approach.”
U.K. businesses and analysts have hit back at government plans to regulate cryptocurrencies and related technology, describing them as a “blunt instrument approach,” British daily news outlet the Telegraph reported Monday, Oct. 29.
Calls to step up the level of power the country’s finance regulator, the Financial Conduct Authority (FCA), has over cryptocurrency — which Cointelegraph reported on in September — allegedly focus on consumer protection and anti-money laundering (AML) policy.
Now, a joint report from the British Business Federation Authority (BBFA), venture capital fund Novum Insights, and fintech expert Hazem Danny Al Nakib has urged caution about overly