The former chair of the Financial Conduct Authority (FCA), Charles Randell, has criticized the UK government's plans to regulate the cryptocurrency industry in a manner similar to traditional financial investments. The government aims to introduce formal legislation for crypto activities by 2024, which will subject various cryptoasset activities to the same rules that govern banks and other financial services firms. Randell warns against treating cryptocurrencies as regular investments and expresses concerns about retail crypto speculation and the potential risks to investors. He also highlights the need for a nuanced approach to crypto regulation to ensure investor protection. Despite criticism, the UK government asserts the importance of regulating the crypto market to protect customers from harm and plans to introduce legislation for the new rules in early 2024. The Financial Conduct Authority (FCA) has issued additional guidance to help crypto firms comply with the regulations, but there has been some confusion and low compliance.
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