British Money Regulatory Authority warns against some uses of digital and cryptocurrency
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Answer British Money Regulatory Authority warns against some uses of digital and cryptocurrency
In its letters to executives, the British Money Regulatory Authority expressed the need to be aware of the potential financial risks related to the field of digital and cryptocurrencies, and expressed that the occurrence of any problem of its kind could lead to risks to the reputation of local and global banks.
In a previous letter sent two days ago, on 06/28/2018, to the CEOs of banks, owners of insurance companies and financial investment companies, Sam Woods, the head of the British Money Regulatory Authority, expressed the careful work and implementation of regulations and laws very accurately and not disclosing any kind of material transactions. Except for the stakeholders.
Sam expressed that the cryptocurrency market has witnessed a very great development, but it is still witnessing many obstacles, such as the lack of real liquidity as well as the instability of prices. For the right purposes but the conversations are still about what can be done.”Read:Cryptocurrency exchange KuCoin denies withdrawal rumors
He mentioned several examples of how to stay away from cryptocurrencies, and expressed his desire that the message he sent to all British officials be a reliable document in the coming days as well as to work on strategies to reduce potential risks.
He called on the heads of the Financial Regulatory Authority to study all possible risks when making a decision and starting money transfers, and to start working on the results of this study to find out the causes of the real risks and to avoid them.
The head of the Financial Regulatory Authority also expressed that companies should investigate accuracy before starting crypto operations and rely on specialized institutions to assess risks and study the market.
The watchdog expects many firms to make the FRA highly oversight of any cryptocurrency-related activities and to contact them if there are potential risks.
It is noteworthy that all these steps came after the letter addressed by the Financial Conduct Authority in Britain to all financial institutions and all companies related to mining, and demanded that the authority pay more attention to customers who have large commercial amounts as well as individuals who have business related to crypto.Read:Again…the cryptocurrency market enters a sharp correction after the latest China announcement
The letter also includes notes on how the use of cryptocurrencies by financial criminals, and begin to know and identify them.
The Financial Conduct Authority also called on banks to start training employees on matters related to cryptography and identify potential customers participating in criminal acts, and that transactions are carried out in accordance with the real controls set by the state.
It is worth noting that the British Financial Conduct Authority is an advisory body and its decisions are not binding but directive.
Also, last year, the authority issued a statement warning of the risks associated with fundraising vehicles.
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