Regulators in Great Britain Move To Keep Crypto Customers From Borrowing To Buy Bitcoin (BTC): Report

Great Britain’s finance ministry is aiming to restrict credit card usage when buying crypto.

According to a new Reuters report, the Financial Conduct Authority (FCA) aims to cut down on “bad actors” while simultaneously supporting legitimate projects.

“We are considering a range of restrictions, including restricting the use of credit cards to directly buy cryptoassets, and using a credit line provided by an e-money firm to do so.”

The FCA would still allow consumers to purchase stablecoins by credit card.

However, the FCA still says that crypto investors should be prepared to lose everything when betting on digital assets.

Earlier this year, the FCA moved to ban crypto ads, managing to cut the advertisements down by 50%.

The FCA says that it’s now making “good progress” with tech companies in regulating the banned advertisements, but is still “concerned about the prevalence of frauds and scams online”.

“Many social media sites have now banned paid-for adverts for UK financial services from non-FCA authorized firms, and we continue to [take] action against those we find breaching our rules.”

While seeking feedback on crypto regulation in February, David Geale, executive director of payments and digital finance at the FCA, said:

“Crypto is a growing industry. Currently largely unregulated, we want to create a crypto regime that gives firms the clarity they need to safely innovate, while delivering appropriate levels of market integrity and consumer protection.

Our aim is to drive sustainable, long-term growth of crypto in the UK. We’re asking whether we have got the balance right.”

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