July 6, 2022

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The UK Terra Depreciation is used to measure cryptocurrency regulation

The UK Terra Depreciation is used to measure cryptocurrency regulation

Financial Conduct Commission United Kingdom (Or FCA) should “take into account” recent volatility when starting to work on a new regulatory framework for crypto markets Cryptocurrencies Still this year.

Sarah Pritchard, Managing Director of FCA’s Markets, shared her opinion Severe decline Gives stablecoin Last week terrausd (UST) and LUNA token.

“If innovation works well it will last, of course we saw its consequences and some of the problems that may arise,” Pritchard said in an interview. Bloomberg.

Pritchard also quoted Study studyReleased by the FCA in October 2021, about 69% of adults under the age of 40 who have invested in cryptocurrencies mistakenly believe that these assets are regulated by the FCA, thus making insecurity for cryptocurrencies difficult to understand. Investors and the risk of taking their money.

“It really proves the most important issues in both a well-functioning market and transparent user protection,” he explained. It highlights the “big price moves” in markets and “demonstrates the importance of making sure people understand where the risk is in putting their money.”

Market volatility

As a result of the loss equivalent to the dollar by Terrorism (UST), The Algorithm Staplecoin It is down from $ 1 to $ 0.15 and is currently trading at $ 0.079, according to the website. CoinMarketCap.

The LUNA token, which was worth more than $ 100 in April, has been priced US $ 0.00014.

The Bitcoin (BTC)Used To maintain price stability Also from UST Suffered significant losses. The best cryptocurrency on the market was $ 43,000 last month, but has fallen to $ 26,000 in the past week. However, Bitcoin has been trading up 3% in the last 24 hours US $ 30.3 thousand.

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Pritchard’s comments have reached the UK Ministry of Finance within two months Announce Ambitious plans to become a “global hub for crypto technology”.

According to a British Treasury report, these plans will be amended to include current legislation on e-money and to include payment companies’ Staplecoins as an identifiable payment form.

“We want to see tomorrow’s companies and the jobs they create – here in the UK. By effectively streamlining this, we can give them the confidence they need to think and invest in the long run,” said British President Rishi Sunak. Said Tuesday.

* Translated by Daniela Pereira du Nacimento with permission decrypt.co.