FCA’s proposed ban on crypto investment products did not seem to concern the UK government as John Glen, Economic Secretary to the Treasury, brushed off the question regarding FCA’s proposal. UK FCA has been long contemplating the regulations concerning crypto asset-related activities.
FCA also started the cryptoasset taskforce and set of consultations about the offering of cryptoasset-based products and the requirements for companies that offer crypto-based services.John Glen, when asked about the proposed ban and the task force, replied that the government continues to endorse the approach set out in that the Cryptoasset Taskforce report as the right way to facilitate innovation while protecting consumers and firms.
However, Glen did not answer the questions about the number of responses to the FCA’s consultation, which has restricted the sale of investment products to retail consumers. Glen also emphasized that the financial authority operates independently from the government, and the final decision is up to them.