FCA Urges to Take Into Account TerraUSD Collapse When Working on Regulation
The UK Financial Conduct Authority (FCA) should “take into account” the recent volatility in the cryptocurrency market as it works on the regulatory framework for the industry, as stated in an interview with Bloomberg by the executive director of the department, Sarah Pritchard.
She has also mentioned a survey published by the FCA, according to which 69% of respondents under the age of 40 who invested in digital assets mistakenly believed that they were regulated by the British government.
She has said:
“It really shows that there are some really important issues that exist here, both in terms of a well-functioning market and obviously in terms of consumer protection.”
The FCA representative has emphasized people should understand the risks of such investments.