In brief
- The UK’s Financial Conduct Authority has proposed banning the use of credit to purchase crypto assets.
- The regulator is accepting comments on the rule from the public until June 13.
Britain’s top financial regulator has proposed banning the purchase of cryptocurrency with any sort of borrowed funds, including credit cards.
A new discussion paper from the UK’s Financial Conduct Authority floated a plan this week to outlaw crypto firms from allowing British customers to buy crypto assets with a credit card. The proposed rule would also ban the purchase of crypto with any other form of credit, including loans and digital currency credit lines.
The move appears largely driven by the regulator’s concern that UK adults are…
