New Plan To Be Rolled Out In The UK To Ensure Investors Don’t Get Caught Up With Bad Actors
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Fraudulent individuals and bad actors are some of the biggest threats that the crypto industry currently faces. When these characters start praying on the gullible and unsuspecting investors, they have no legal redress to cover them and many traders are in for huge losses when this occurs.
But according to a recent announcement, things seem to be looking up for crypto investors in the United Kingdom. According to the announcement, the government has expressed its interest in taking strong steps to protect investors from market predators with the HM Treasury mulling over a plan in order to regulate crypto promotions.
This is an initiative that has been fronted by the city minister, John Glen who is the head of the financial services sector in the UK. According to the recent proposal, businesses are going to need to get a permit before they will be allowed to run any promotions for crypto products in the United Kingdom. This permit will be called the regulatory gateway.
The U.K.’s financial conduct authority has given the mandate to look over all these crypto related promotions and will make sure that any unsuspecting investors don’t lose their funds to any bad actors or malicious individuals throughout the crypto space. According to Glen, the current system doesn’t work the way it was intended to properly ensure that people don’t get scammed due to the swarm of numerous products relating to crypto within the market.