Today, Herbert Sim was featured on Blockchain News’ article entitled “UK Regulator FCA Clarifies Crypto Guidelines with Updated Consultation Paper“.
“This is the latest in a string of regulatory developments in the crypto markets,” stated Herbert Sim, Head of Business Development from Broctagon Fintech Group.
“The guidance outlines that cryptos have no intrinsic value as they are not guaranteed by an underlying asset. Although not a ban, it’s a move in that direction. This lack of enthusiasm is shared by several countries; the US with its scrutiny of Libra, and India, who are looking to implement a similar ban on cryptocurrencies which are not state-regulated. These movements could end up coming back to bite. The international competition on cryptocurrencies is heating up and there are huge risks in being left behind.”
“By loosening up on crypto and championing Bitcoin, it appears to see an opportunity to get ahead of the game and take up a leading position in one of the key asset classes of the future.”
“China’s central bank is even throwing itself into the crypto race by consolidating and creating a new digital currency. This may go on to rival that of Facebook’s stifled Libra, particularly considering Facebook is not permitted in China. Although a certain level of regulatory scrutiny is wise, other countries should consider taking China’s lead and seizing their own opportunities – or risk being left behind.”