Reportedly, the Financial Conduct Authority (FCA) of the U.K. provided an update of his investigations into the encrypted companies. A total of 67 investigations were launched, 49 of which were closed, leaving 18 companies currently under investigation. The British government has declared that it is ready to empower the FCA to regulate the crypto industry.
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Other Crypto companies under investigation
<img class = "size-medium wp-image-268680 alignright” title=”67 cryptocurrency companies surveyed by the UK regulator” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/fca-300×99.jpg” alt=”67 Cryptocurrency Companies Surveyed by UK Regulator "width =" 300 "height =" 99 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/fca-300×99. jpg 300w, https: //news.bitcoin.com/wp-content/uploads/2018/12/fca-768×254.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/12/ fca-1024×339.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/12/fca-696×230.jpg 696w, https://news.bitcoin.com/wp-content/uploads/ 2018/12 / fca -1068×353.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/12/fca-1270×420.jpg 1270w, https://news.bitcoin.com/wp- content / uploads / 2018 /12/fca.jpg 1361w "sizes =" (maximum width: 300px) 100vw, 300px”/>The United Kingdom FCA has released new information concerning its investigation into cryptographic activities at The Telegraph in response to a Freedom of Information (FOI) request. The publication reported that the FCA has revealed that "starting from November 12, it had opened investigations on 67 companies involved in cryptocurrency activities". The Financial Times has elaborated:
On Sunday the Financial Conduct Authority confirmed to investigate 18 companies involved in the sale of cryptocurrencies as bitcoins. The regulator also issued warnings and warnings about dozens of companies suspected of scams on cryptocurrency investments.
<img class = "size-medium wp-image-268681 alignright” title=”67 cryptocurrency companies surveyed by the UK regulator” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/investigations-300×206.jpg” alt=”67 cryptocurrency companies surveyed by the British regulator "width =" 300 "height =" 206 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/investigations-300×206.jpg 300w , https: //news.bitcoin.com/wp-content/uploads/2018/12/investigations-768×527.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/12/investigations- 100×70.jpg 100w, https://news.bitcoin.com/wp-content/uploads/2018/12/investigations-218×150.jpg 218w, https://news.bitcoin.com/wp-content/uploads/2018/ 12 / investigations -436×300.jpg 436w, https://news.bitcoin.com/wp-content/uploads/2018/12/investigations-696×478.jpg 696w, https://news.bitcoin.com/wp-content/ uploads / 2018 /12/investigations-612×420.jpg 612w, https://news.bitcoin.com/wp-content/uploads/2018/12/investigations.jpg 947w "sizes =" (maximum width: 300px) 100vw, 300px”/>Out of 67 requests, 49 were closed. The FCA has issued consumption notices for 39 companies. "Notices are issued by the regulatory authority when it comes to a company that operates without authorization and is suspected of scam," explained the publication. The other 10 requests were closed because the companies involved had been warned that they might need the authorization to continue their activities or that there was not sufficient evidence to proceed with the investigation. The regulator refused to appoint the companies under investigation.
In May, the FCA investigated 24 encryption companies. In November, The Telegraph reported that the number of unauthorized encrypted companies that the regulator suspected of operating in the financial services sector rose to 50, citing information from a different FOI request. In addition, the regulatory authority received seven reports of reporting by employees of cryptic companies this year, while none received any in the previous three years.
Regulate the cryptic industry in the United Kingdom
While cryptocurrency transactions are not currently regulated in the United Kingdom, companies that sell regulated investments with cryptocurrencies as underlying assets may need FCA approval. However, "in some cases it is unclear whether some activities fall within the scope," notes the statement.
<img class = "alignright wp-image-268684″ title=”67 cryptocurrency companies surveyed by the UK regulator” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/wild-west-293×300.jpg” alt=”67 cryptocurrency companies certified by the UK regulator "width =" 300 "height =" 307 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/wild-west-293×300. jpg 293w, https://news.bitcoin.com/wp-content/uploads/2018/12/wild-west-410×420.jpg 410w, https://news.bitcoin.com/wp-content/uploads/2018/ 12 / wild -west.jpg 682w "sizes =" (maximum width: 300px) 100vw, 300px”/>Following a report by the Treasury Committee published in September stating that the "Wild West" crypto-activity should be regulated, "the government at the beginning of this month said it was ready to give the FCA the power to to oversee the cryptocurrency industry.The authority will launch a consultation at the beginning of next year to determine how the encrypted market should be regulated.
John Glen, Treasury's economic minister, explained that the government will discuss whether cryptographic assets that "have characteristics comparable to specific investments but that do not fall within the current perimeter" should be regulated, the statement said. Glen further detailed:
Based on the outcome of this consultation, the government is ready to legislate to extend the regulatory scope to ensure that the FCA regulation can be applied to all cryptoassets that have features comparable to security tokens, regardless of how they are structured .
In addition, the FCA said in October that it is considering the possibility of banning the sale of derivatives. In November, news.Bitcoin.com reported that the regulator indicated that a "global response" is being planned for the illicit adoption of cryptographic assets.
What do you think of the FCA of the U.K. who investigates all these cryptic societies? Let us know in the comments section below.
Images courtesy of Shutterstock and FCA of the UK.
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