{"id":11680,"date":"2023-04-26T11:29:02","date_gmt":"2023-04-26T11:29:02","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=11680"},"modified":"2023-04-26T11:29:07","modified_gmt":"2023-04-26T11:29:07","slug":"crypto-has-evolved-from-being-seen-as-an-anti-establishment-rebellion-asset-says-fca-executive-director","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11680","title":{"rendered":"Crypto Has Evolved From Being Seen as an &#8216;Anti-Establishment Rebellion Asset&#8217; Says FCA Executive Director"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>From being seen as a small \u201canti-establishment rebellion asset\u201d more than ten years ago, crypto has grown to \u201cbecome more widespread,\u201d says Sarah Pritchard, an executive director at the United Kingdom\u2019s Financial Conduct Authority (FCA). Pritchard said while the FCA has routinely warned consumers of risks associated with crypto, the watchdog has \u201calways been open to innovation.\u201d<\/strong><\/p>\n<h2>Few Customers Know About Crypto<\/h2>\n<p>According to Sarah Pritchard, an executive director of markets at the Financial Conduct Authority, crypto has evolved from being seen as \u201can anti-establishment rebellion asset\u201d more than ten years ago, to one that \u201chas become more widespread.\u201d However, Pritchard insisted in her April 25 speech that just a few \u201cconsumers know what it is, how it works and what they are getting into.\u201d<\/p>\n<p>The executive director also suggested that as \u201cthis once alternative investment becomes more popular,\u201d stakeholders will eventually be forced to sit down and \u201cdebate about risk, mitigation and the limits of regulation.\u201d Pritchard said it had been \u201cinstructive\u201d to watch U.S. regulators respond to the collapse of the crypto exchange FTX.<\/p>\n<p>Although the FCA has routinely issued warnings to individuals dealing with cryptocurrencies, according to Pritchard such a stance should not imply that the watchdog is against innovation.<\/p>\n<p>\u201cWhile we have been relentless about warning that consumers need to be prepared to lose all their money if buying crypto-assets \u2013 and actually issued a warning a week before FTX collapsed about its unauthorised operation in the UK \u2013 we have always been open to innovation,\u201d the executive director said.<\/p>\n<h2>Crypto Industry Needs Mature Participants<\/h2>\n<p>To support the assertion that the FCA is not against innovation, the executive director pointed to how crypto-assets and the blockchain enable faster and cheaper cross-border transactions. According to Pritchard, a more efficient cross-border payment method can potentially boost as well as support international trade. The same method might also be the most ideal for a global workforce because it enables them \u201cto send money to friends and family overseas\u201d more quickly.<\/p>\n<p>Meanwhile, the executive director said as the crypto industry becomes more mature it also becomes imperative for industry players to change their ways. She also warned that crypto \u201chas a high risk of exploitation by serious organised criminals\u201d and this necessitates the need for a \u201cregulatory regime [that] strikes an appropriate balance.\u201d<\/p>\n<p><em><strong>What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n<p>Terence Zimwara <\/p>\n<p class=\"article__body__author__info__about\">\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.<\/p>\n<p><i class=\"td-icon-font td-icon-linkedin\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-telegram\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/crypto-has-evolved-from-being-seen-as-an-anti-establishment-rebellion-asset-says-fca-executive-director\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From being seen as a small \u201canti-establishment rebellion asset\u201d more than ten years ago, crypto has grown to \u201cbecome more widespread,\u201d says Sarah Pritchard, an executive director at the United Kingdom\u2019s Financial Conduct Authority (FCA). Pritchard said while the FCA has routinely warned consumers of risks associated with crypto, the watchdog has \u201calways been open [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-11680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11680"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11680\/revisions"}],"predecessor-version":[{"id":11682,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11680\/revisions\/11682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11681"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}