UK FCA Bans Retail Crypto Borrowing Tightens Digital Asset Rules
The United Kingdom’s Financial Conduct Authority (FCA) has introduced few new rules to handle the rapidly growing cryptocurrency market. One of these new rules will prevent regular people from borrowing money, such as using credit cards, to purchase cryptocurrencies like Bitcoin.
The goal of the FCA is to protect people from getting into debt that they can’t handle in the future, especially if crypto prices drop suddenly. A survey by YouGov found that 14% of UK crypto buyers used borrowed money last year, compared to 6% in 2022, showing the problem is growing.
The UK’s Financial Conduct Authority (FCA) is setting new rules for cryptocurrency businesses, like trading platforms, middlemen, and crypto lenders. These rules are tougher…
