UK Financial Conduct Authority, 'More into Crypto than Stocks' among British Youth…"Concerning"

Uk Jin

Summary

The UK Financial Conduct Authority expressed concern over the tendency of the British youth to invest in crypto assets like Bitcoin, citing high risks.
Nikhil Rathi emphasized the need for young Britons to consider traditional financial investment options such as stocks.
Additionally, due to insufficient regulation of the crypto asset market, crypto asset businesses must register with the FCA and comply with anti-money laundering rules.

The UK Financial Conduct Authority (FCA) has urged caution among the younger generation regarding investments in crypto assets (cryptocurrencies).

According to Cryptopolitan on the 25th (local time), Nikhil Rathi, Chief Executive of the FCA, expressed concern that "British citizens under the age of 35 are investing more in crypto assets like Bitcoin (BTC) than in traditional investment avenues such as stocks or bonds," noting that "this involves a very high risk of losing all their money."

Rathi also stated, "The stock ownership rate among British citizens is too low compared to countries like the United States or Sweden," and emphasized that "the British youth should consider traditional financial investment options instead of crypto assets."

Furthermore, Rathi added, "The UK's crypto asset market remains unregulated," and that "crypto asset businesses must register with the FCA to demonstrate compliance with anti-money laundering rules."