TPA: Buying crypto should not be likened to gambling
The Payments Association has expressed concern on the Financial Conduct Authority’s (FCA) proposed ban on using credit cards to purchase crypto, stating that consumers “should be empowered to make informed choices within predefined credit limits”.
In a formal response to the DP25/1 discussion paper, the association claims that the proposed ban “seems to equate crypto purchases with gambling” and that the overall regime should mirror the approach to that applied for the use of credit cards to purchase traditional financial products.
The Payments Association are advocating for regulatory education over prohibition in order to position the UK as a “safer, regulated crypto hub”.
Riccardo Tordera-Ricchi, director of policy…
