Among the criticisms pointed out by MPs and critics are the absence of precise laws dealing with cryptocurrencies, as well as aggressive advertising campaigns inviting unknowing people to invest investing is when you put money in a financial scheme with the intent of making a gain. in such products.
Critics and members of the UK parliament are lobbying for the UK government to take a much more critical and tougher stance on the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. ecosystem, especially in the absence of clear legal frameworks and regulations applicable to projects entering the space.
This was revealed by British Member of Parliament Richard Holden, who in an interview for the media iNews highlighted the need for much clearer and stricter regulations from central government, commenting on the following:
“This is the Wild West, it’s a grey area between highly leveraged financial investments on the one hand and these other products that could be considered gambling… There needs to be a clear differentiation there, precisely to protect people.”
Drawbacks with the crypto space
The request comes in the wake of the strong conflicts that have had the Financial Conduct Authority (FCA) and Advertising Standards Authority (ASA) with certain traditional projects and entities.
Regarding the FCA, highlights the dispute that it has maintained against Binance, which it points out for not having a local headquarters due to irregularities in its business model in the United Kingdom. This led to difficulties such as closing business lines, blocking payments and other services.
Los FAN tokens are also marked
However, on this occasion, one of the points that came to the fore was directed towards the so-called “FAN token” digital assets launched by sports clubs targeting their fans.
In this regard, the former representative of the Labor Party, Matt Zarb-Cousin, rightly pointed out the interest that football clubs have been taking in these assets:
“It’s one thing for football [soccer] clubs to market an area or arena, online or offline, in which commercial dealings are conducted. gambling to fans, which could lead to people destroying their lives as a result, but I think it’s on another level. It’s even worse to offer a way to access cryptocurrencies under the guise of empowering them in a completely unregulated area.”
- UK regulator complained about two Arsenal Football Club fan token adverts
- UK bans 7 crypto ads from Papa John’s, Coinbase, Etoro, Luno, Kraken and other companies
- Binance wants to get back to trading in the UK and is working towards it, CZ changpeng Zhao (CZ) is the founder of crypto exchange Binance. said
Version by Angel Di Matteo / DiarioBitcoin
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