A growing proportion of the United Kingdom's cryptocurrency investors is struggling to finance their accounts and shows the regulation and banking hurdles that face the digital asset sector.
A survey by the IG group among 500 British crypto investors and a wider sample of 2,000 adults showed that 40% of the users would have either blocked or delay payments to a crypto provider. Among those affected, 29% occurred at their banks, while 35% gave the lenders to switch to lenders in response to lenders.
When the wider sample was asked for banks, which went into crypto transactions, 42% stated that they were based on such measures, while 33% expressed support.
“We are in a harmful position in which millions of people are effectively excluded from the crypto just because they with whom they banks with,” said Michael Healy, Managing Director of IGS UK. “This type of behavior is at best against consumers, in the worst case competitive and is not supported by the public.”
While the cryptocurrency trade in Great Britain is legal, financing accounts can be a major obstacle. At Financial Conduct Authority (FCA), crypto companies have to register as virtual providers of assets in order to work, and only FCA autorized can provide FIAT on and off-ramps in British pounds.
Some high-street banks, including Chase UK and Natwest, have continued to limit or block payments to crypto exchanges as part of the banner of fraud prevention.
In addition to these obstacles, FCA has prohibited retail customers to use borrowed money, including credit cards, to acquire digital assets – and to further restrict the financing options that are available for everyday investors.
https://www.youtube.com/watch?v=lauxwrt0n04
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Great Britain falls back in the global crypto race
Banking for British crypto users will take place in the middle of the increasing criticism of the broader approach of the state for digital assets. The former Chancellor of the Exchange and the current coinbase consultant George Osborne recently warned that Great Britain “falls back in the crypto race”, a deficiency in which he could undermine the role of the nation in global financial services.
“What I see makes me anxious. We have removed a long way from being an early user and we allowed each other to be left behind,” said Osborne about digital assets in a financial time.
Source: cointelegraph
Osborne has awarded the lack of progress in stablecoins -a 288 -billion dollar market dominated by the US dollar, which looked practically no presence from the British pound. According to Coingecko, stable coins of pounds make up only $ 616,000.
Nevertheless, there were some progress. As CoinTelegraph reported, the FCA recently lifted its ban on retail trade with crypto-exchange trading (ETNS) on October 8th. The regulatory authority said that the move reflects the maturation of the digital asset sector after years of volatility and its once as “lack of legitimate investment needs”.
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