UK Financial Regulator Investigates 50 Firms Over Unlicensed Crypto Operations

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The UK Financial Conduct Authority or FCA has
conducted inquires into 50 cryptocurrency-
related businesses over unlicensed operations,
according to The Telegraph.

Responding to a Freedom of Information request
by the publication, the financial regulator said it
is eyeing these entities which it suspected were
offering financial services without its
permission.

The number of businesses under scrutiny has
been doubled from the 24 firms it was checking
in May this year. In addition, the agency said it had received
seven whistle-blowing reports this year from
concerned employees of crypto businesses,
while there were none in the previous three
years.

The news comes as the U.K. Government's
Cryptoassets Task-force has proposed some
changes in the regulation of cryptocurrencies.
The Task-force, which consists of HM Treasury,
the Financial Conduct Authority, and the Bank of
England, recently urged to take strong action to
address the potential risks associated with
crypto assets.

The authorities might keep cryptoassets and
DLT under review to make sure the country
continues to support innovation, while
maintaining safe and transparent financial
markets .

Source : http://www.rttnews.com