{"id":25063,"date":"2023-07-13T12:25:17","date_gmt":"2023-07-13T11:25:17","guid":{"rendered":"https:\/\/smh.group\/?p=25063"},"modified":"2023-07-13T12:25:17","modified_gmt":"2023-07-13T11:25:17","slug":"fca-takes-on-crypto-handle-with-great-care","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/","title":{"rendered":"FCA takes on crypto: handle with great care"},"content":{"rendered":"<p><strong>The Financial Conduct Authority (FCA) recently announced a plan for tougher regulations of cryptoassets, such as Bitcoin. <\/strong><\/p>\n<p>Recently published research undertaken for the FCA showed that in August 2022, nearly five million UK adults owned cryptoassets, typically cryptocurrencies such as Bitcoin and Ethereum. That was more than double the number in 2021, despite a drop of 75% in the total market value of cryptoassets between November 2021 and June 2022.<\/p>\n<p>The degree of crypto\u2019s volatility puts such investments in serious jeopardy. In fact, there is some question as to whether crypto should be classed as investment at all. Making decisions around what to include in your investment portfolio should always include professional advice.<\/p>\n<h2><strong>Losses and regulation<\/strong><\/h2>\n<p>The FCA is understandably concerned about the spread of cryptoassets. Since the start of 2022, there have been several failures of crypto businesses that the regulator says has resulted in \u201csignificant losses for consumers\u201d. Some of those crypto-crashes hit the media headlines, including the spectacular fall from grace of Sam Bankman-Fried\u2019s FTX and the demise of the Terra\/Luna stablecoin. Across the Atlantic, two of the world\u2019s largest surviving crypto exchanges, Binance and Coinbase, were sued in June by US regulators for allegedly breaking securities law.<\/p>\n<p>The FCA is in a slightly awkward position when it comes to crypto because the government is anxious to \u201cput the UK at the forefront of the developing global cryptoasset fund management sector\u201d, in the words of the Andrew Griffith, Economic Secretary to the Treasury. Banning cryptoassets or limiting them to institutional and high-wealth investors, is therefore not a straightforward option the FCA could adopt. In a simpler world, the regulator might well justifiably prefer an outright ban because of the demonstrably high risks involved in crypto.<\/p>\n<ul>\n<li>Risk warnings will make clear that consumers should not expect to be protected by the Financial Services Compensation Scheme or the Ombudsman Service if something goes wrong.<\/li>\n<li>Investment incentives and refer-a-friend bonuses will be banned.<\/li>\n<li>There will be a 24-hour cooling off period for first-time investors.<\/li>\n<\/ul>\n<p>Interestingly, the FCA consumer research shows the most common reason for buying cryptoassets was \u201cas a gamble\u201d. That attitude matches the view of the Treasury Select Committee, which recently recommended cryptocurrency trading should be regulated as gambling.<\/p>\n<p>The kind of attention that cryptoassets are increasingly under should serve as warning enough for those tempted to by-pass professional advice. The Committee said that \u201c\u2026cryptocurrencies such as Bitcoin have no intrinsic value and serve no useful social purpose, while consuming large amounts of energy and being used by criminals in scams, fraud and money laundering.\u201d<strong> \u00a0<\/strong>That viewpoint could actually make a good risk warning for the FCA to use. In the meantime, the FCA\u2019s concerns should be heeded.<\/p>\n<p>To discuss your financial planning, contact our\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\"><strong>Sheffield based Financial Advisers<\/strong><\/a>\u00a0on\u00a0<strong>0114 266 4432<\/strong>\u00a0or\u00a0<a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a><\/p>\n<h6><em>The value of your investment and any income from it can go down as well as up and you may not get back the full amount you invested.<\/em><\/h6>\n<h6><em>Past performance is not a reliable indicator of future performance. <\/em><\/h6>\n<h6><em>HM\u202fRevenue and Customs practice and the law relating to taxation are complex and\u202fsubject to individual circumstances\u202fand changes which cannot be foreseen.\u202f\u202f<\/em><em>\u00a0<\/em><em>\u202f<\/em><strong><em>\u00a0<\/em><\/strong><em>\u00a0<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Conduct Authority (FCA) recently announced a plan for tougher regulations of cryptoassets, such as Bitcoin.<\/p>\n","protected":false},"author":4,"featured_media":21661,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[83,1027,869,868,487,98,77],"class_list":["post-25063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-chartered-accountants","tag-crypto","tag-crypto-currency","tag-cryptoassets","tag-fca","tag-financial-advice","tag-financial-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FCA takes on crypto: handle with great care - SMH Group<\/title>\n<meta name=\"description\" content=\"The Financial Conduct Authority (FCA) recently announced a plan for tougher regulations of cryptoassets, such as Bitcoin.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FCA takes on crypto: handle with great care - SMH Group\" \/>\n<meta property=\"og:description\" content=\"The Financial Conduct Authority (FCA) recently announced a plan for tougher regulations of cryptoassets, such as Bitcoin.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-13T11:25:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"FCA takes on crypto: handle with great care\",\"datePublished\":\"2023-07-13T11:25:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/\"},\"wordCount\":535,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg\",\"keywords\":[\"chartered accountants\",\"crypto\",\"crypto currency\",\"cryptoassets\",\"FCA\",\"financial advice\",\"financial planning\"],\"articleSection\":[\"SMH Financial Services\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/\",\"name\":\"FCA takes on crypto: handle with great care - SMH Group\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg\",\"datePublished\":\"2023-07-13T11:25:17+00:00\",\"author\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"description\":\"The Financial Conduct Authority (FCA) recently announced a plan for tougher regulations of cryptoassets, such as Bitcoin.\",\"breadcrumb\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#primaryimage\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg\",\"contentUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg\",\"width\":2560,\"height\":1707},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FCA takes on crypto: handle with great care\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\",\"name\":\"SMH Group\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\",\"name\":\"Brendan Hall\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"caption\":\"Brendan Hall\"},\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FCA takes on crypto: handle with great care - SMH Group","description":"The Financial Conduct Authority (FCA) recently announced a plan for tougher regulations of cryptoassets, such as Bitcoin.","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"FCA takes on crypto: handle with great care - SMH Group","og_description":"The Financial Conduct Authority (FCA) recently announced a plan for tougher regulations of cryptoassets, such as Bitcoin.","og_url":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/","og_site_name":"SMH Group","article_published_time":"2023-07-13T11:25:17+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg","type":"image\/jpeg"}],"author":"Brendan Hall","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Brendan Hall","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#article","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/"},"author":{"name":"Brendan Hall","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"headline":"FCA takes on crypto: handle with great care","datePublished":"2023-07-13T11:25:17+00:00","mainEntityOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/"},"wordCount":535,"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg","keywords":["chartered accountants","crypto","crypto currency","cryptoassets","FCA","financial advice","financial planning"],"articleSection":["SMH Financial Services"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/","url":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/","name":"FCA takes on crypto: handle with great care - SMH Group","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website"},"primaryImageOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#primaryimage"},"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg","datePublished":"2023-07-13T11:25:17+00:00","author":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"description":"The Financial Conduct Authority (FCA) recently announced a plan for tougher regulations of cryptoassets, such as Bitcoin.","breadcrumb":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#primaryimage","url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg","contentUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/12\/thought-catalog-bj8U389A9N8-unsplash-min-1-scaled.jpg","width":2560,"height":1707},{"@type":"BreadcrumbList","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/fca-takes-on-crypto-handle-with-great-care\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/devstagesite.co.uk\/smhgroup\/"},{"@type":"ListItem","position":2,"name":"FCA takes on crypto: handle with great care"}]},{"@type":"WebSite","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website","url":"https:\/\/devstagesite.co.uk\/smhgroup\/","name":"SMH Group","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e","name":"Brendan Hall","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","caption":"Brendan Hall"},"url":"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/"}]}},"_links":{"self":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/25063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/comments?post=25063"}],"version-history":[{"count":4,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/25063\/revisions"}],"predecessor-version":[{"id":25087,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/25063\/revisions\/25087"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media\/21661"}],"wp:attachment":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media?parent=25063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/categories?post=25063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/tags?post=25063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}