LONDON: Britain's finance ministry on Monday proposed giving the City's watchdog new powers to regulate crypto assets like bitcoin, and also outlined a crackdown on misleading sales literature bombarding consumers over the internet.
"Any firm wishing to approve the financial promotions of unauthorised firms would first need to obtain the consent of the FCA," the ministry said in a statement. "It is the government's assessment that many of these unregulated cryptoassets expose consumers to unacceptable levels of risk," the finance ministry's consultation paper said."The cryptoasset proposals are not surprising and deal another nail in to the coffin of illegitimate ICOs , which have lost their shine since the heydays of 2018," said Bradley Rice, senior associate at law firm Ashurst.
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