FCA is advised with crypto activities

“We are concerned that consumers buying crypto loan property can take on unsustainable debt,” he said, adding that “potential for impulsive crypto purchases can also increase the risk of exceeding.”

The regulator also takes care of fees and interest fees that can monitor the purchase of loans and possible influence on the investor’s credit results.

As a result, FCA said to consider various approaches, including limiting credit card use and credit lines to buy crypto funds.

Work also covers the issues involved in putting, lending and lending and decentralized finances.

Among other things, suggestions would ban platforms for the crypt trading to act as a clearing house and from providing loans to customers. And they aim to refrain risks of lending crypto and borrowing of property.

“Given potential risks to consumers from the current credit credit and borrowing structure, we do not consider that these products are suitable for retail consumers in their existing form,” he said in the document. “We therefore suggest that it limits companies to offer these products at consumers in their current structure.”

The paper brings in awakening the draft law intended to bring special crypto activities under the competent FCA.

Currently, the control of the CRIPTO sector regulators is limited to the application of respect for the rules against money laundering and certain laws on consumer protection.

Later this quarter, the FCA will also issue paper with consultations on proposed rules and guidelines for other crypto activities, such as stablecoin, storing cryptian property and a certain investment vehicle.

And, in the third quarter, it will be consulted about the treatment of crypt’s activities under its wider water and solid standards, such as consumer duty.

“The CRIPTO is the larger industry. We are currently unregulated, which requires the crypto regimen, which requires appropriate levels of market integrity,” David Geale, executed David Geale, executive director of payment.

“Our goal is to love sustainable, long-term cryptic growth in Great Britain, we ask if we have a balance right,” he said.

The paper is on which to comment until 13. June. FCA said that this would be consulted about the final rules later this year, after involving feedback received on this paper on her proposals.