Commenting on the Financial Conduct Authority’s (FCA) research on cryptoasset ownership, published recently, Kevin Pratt, money expert at Forbes Advisor UK, the personal finance insights and comparison website, said:
“The FCA has repeatedly warned about the risks associated with cryptocurrencies and the fact they are largely unregulated, so it is disturbing to read that 12% of consumers think crypto investments are somehow protected.
“You worry that, sooner or later, a lot of fingers are going to get badly burned, and not just because of fluctuations in the value of the assets. After all, fraudsters follow the money. But maybe the authorities need to accelerate their thinking about how to increase and improve the regulation of crypto and extend regulatory protection.
“If that’s not feasible due to the nature of crypto, then the warnings should become starker and more visible. Interest in crypto is rising steadily among individuals, institutions and even nation states, so there needs to be a measured, credible voice highlighting the realities of the situation before a problem arises.”
For more information, visit: https://www.forbes.com/uk/advisor/investing/what-is-cryptocurrency/