Sarah Pritchard, one of the directors of the British government's Financial Conduct Authority, made remarkable statements about cryptocurrencies in a statement to the local press the other day.
Executive Director Pritchard emphasized that although cryptocurrencies initially played a role as an "anti-state digital asset" advocated by minorities, they are now accepted by all segments of society.
Pritchard claims that despite the widespread adoption, a small number of people know what cryptocurrencies are and the underlying technology. The FCA executive stated that as a result of the increase in crypto investments, governments are weighing the “to what extent regulation will be”.
According to the British government official, the bankruptcy process of the FTX exchange in the United States at the end of last year played an instructive role for institutions.
Sarah Pritchard, referring to the fact that they detected unlawful business revolving around FTX a week before the bankruptcy and issued a warning letter, said:
“The majority of cryptocurrency investors do not know what kind of risks they face. We warned everyone by exposing the unauthorized transactions of the FTX exchange in our country a week before the bankruptcy.”
"Crypto Industry Must Ripe"
Finally, the FCA executive emphasized that they do not ignore the benefits of crypto. He stated that although blockchain technology makes transfer transactions quickly and cheaply, the industry still has a long way to go in terms of maturation.
