Britain's Financial Watchdog to Stop Lending for Crypto Asset Purchases

The Financial Conduct Authority (FCA), Britain’s financial watchdog, has decided to step in and stop financial institutions from giving credit to facilitate the purchase of cryptocurrency assets. The decision is part of a larger set of rules the institution aims to include to streamline crypto regulation. “Crypto is an area of potential growth for the UK, but it has to be done right. To do that we have to provide an appropriate level of protection,” noted David Geale, FCA executive director of payments and digital finance. “If we can get the regulatory regime right it actually becomes attractive for firms,” Geale concluded.