The FCA Announces New Regulations To Control Cryptocurrency Transactions- Will They Be Enough?

Financial regulators across the globe have found it particularly challenging to deliver enforceable legal regulatory protection to consumers. Despite the fact that crypto assets have been present in the financial market for over a decade there is no worldwide governance overseeing the issuing and trading on those often volatile products. The International Monetary Fund points out that applying existing regulatory frameworks to cryptocurrency may not be easy or even possible to achieve. Traditional organisations operating in the financial markets are authorised by the appropriate governing body to undertake predetermined activities under defined conditions and scope. Crypto assets are in fact codes, only capable of being stored and accessed electronically, the value of which is not necessarily pegged to the value of fiat currencies.