The Financial Conduct Authority’s (FCA) review of cryptocurrencies has been praised by Nigel Green, founder and chief executive of deVere Group, as one of the most significant regulatory reviews of modern times.
Green said: “The highly anticipated FCA cryptocurrency review is set to be one of the most impactful and far-reaching regulatory reviews in modern times for two key reasons. First, because of the sheer numbers of people it will directly affect. There’s been incredible growth of the cryptocurrency market in recent years. This growth can be expected to soar further and quicker over the next decade as more and more investors pile into the likes of Bitcoin, Ethereum, Ripple, Litecoin and Dash, and as adoption by businesses and organisations further increases. And second, because the FCA is one of the world’s most influential and respected financial regulators. As such, it can be expected to help shape and define the thinking and policies of regulators globally, the majority of which in the major economies are now also carefully looking at the crypto space.”
Green added that cryptocurrencies are here to stay, but added that the FCA was right to issue warnings to protect investors, given the highly speculative nature of the new market.