The financial conduct authority UK (FCA) has started investigations against 24 companies related to cryptocurrency businesses. The Agency has stated this in response to a query about freedom of information.
Investigations designed to find out if these firms activity required approval from the FCA.
“If we come to the conclusion that such activity takes place, we can start an investigation and take steps to determine the moments that carry the greatest risks for consumers,” – said in response to the FCA.
The regulator also said that in 2018, was filed seven reports, informing about the violations of cryptocurrency companies.
The measures that the FCA can take against offenders can be different: from publishing warnings for consumers on its website and ending with the filing of a lawsuit to stop the illegal activities and freezing assets.
In addition, the Agency can begin the process of recognition of insolvency, and in the most serious cases, to initiate criminal prosecution.
In its response the regulator also clarified that not all scriptactive are in the area of its jurisdiction.
Earlier, in March, the Chairman of the FCA John Griffith-Jones (John Griffith-Jones) has warned that cryptocurrencies can harm consumers if they are not regulated.
Recall also that recently in the UK began its activity in the government working group for the cryptocurrency. Group established in March, will be engaged in the assessment of the risks and benefits of cryptocurrencies, as well as exploring the use of blockchain technology.
And in April the FCA said that operations cryptodermatinae require a license.