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UK regulators continue to survey 18 companies on cryptocurrency transactions: report

The UK Financial Watchdog, the Financial Conduct Authority (FCA), has revealed that it is investigating 18 companies that use cryptocurrency, the Telegraph newspaper reported on December 29th.

Responding to a Freedom of Information Act (FOI) request from the publication, the FCA said it had closed most of its investigations into cryptocurrency activities since May of this year.

Out of a total of 67 such investigations, he revealed, 49 had come to an end, both by issuing a warning to those involved, and by conceding that there was insufficient evidence to support the officials' suspicions.

The statistics were accurate as of November 12, adding the FOI response.

Due to the ongoing nature of the proceeding, the FCA refused to mention any identifying information on the remaining 18 objectives of its investigation.

The United Kingdom is currently in the midst of upheavals as regards its economy of domestic cryptocurrency. As reported by Cointelegraph, the legislators' desire to adopt a rather harsh position on the market has met with opposition from the sources involved in cryptocurrency, both directly and indirectly.

In October, a report by the British Business Federation Authority claimed that "bad regulation is worse than no regulation", describing current government efforts as a "blunt instrumental approach".

This month the tax authorities released the first incarnation of the cryptocurrency tax council for private investors, with similar rules for companies that will be presented later.

According to the Sky News news agency, more than 300 entities linked to cryptography ceased to operate in the United Kingdom in 2018.

At the same time, a recent public opinion survey found a strong awareness of cryptocurrencies like Bitcoin (BTC) among US consumers.

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