The regulatory bodies in the entire world are very active right now and we can see that a lot of decisions are being made by the authorities in different parts of the world as you can see you then getting more involved than ever in the field of digital assets which has been causing a lot of activities in the recent time which is made the authorities more involved in these activities and get themselves into it and make some decisions which are going to be shaping the way the sector is going to look like in the future at least in their own country.
The actual story is not the same in all parts of the world as many countries are struggling right now to get themselves are regulatory Framework for Digital assets but at the same time we can see that it is getting more easy and truthful as well for a certain number of countries as well because they are getting to a spot which is getting them the position which is going to be along with them to have a strong hold over the sector in the country or at least activities that are happening because getting themselves for the regulations that are going to be held or which is the acid will be a very good environment rather than keeping them uncertain for the businesses involved in the sector.
The most amount of activity or the thing that is Catching the attention of the entire world has to be the market of United States as well as the European market which has been the epicenter of the things that are happening around regulations to be precise because it has been an utter chaos because we are saying a lot of businesses pulling themselves out of those market and looking for opportunities elsewhere and it has happened because of the absence of clarity that is present over there in terms of the regulations that exist because authorities are jumping the gun on businesses and finding loss suits which is making the environment quite a bit harsh for the businesses to operate.
The Financial Conduct Authority or the FCA which is the financial markets regulator of the United Kingdom has now added a couple more exchanges to the warning list. The number is a really big one as it has over 140 cryptocurrency exchanges which also include exchanges like Huobi and Kucoin. It is a list of exchanges that advised the consumers that they should avoid having any sort of activity done on them.
According to FCA they have not revealed much about what they mean with this warning list but they have only said that "You should avoid dealing with this firm." the permission required to operate in the UK market has to be something like they need some registration by the FCA or should have granted some temporary status for operating and feeling to have either of them will be resulting in criminal charges.
The FCA has been quite strict in recent times about the applications and the registrations that got approved them that have around 13% of the entire registrations that were made got approved which is very low at the same time, you can see that there are a lot of cryptocurrency exchange is which are being put in the warning list and been advised for the consumers to not use them.
Even a company like Paypal has to stop its cryptocurrency-based transactions for the United Kingdom customers as it has not yet compliant with the FCA requirements that need to be done to be operating within the country and this is not just a single example there is a lot of other companies which had to suspend all of its services in the UK because of the regulatory changes that for made a couple of months ago in the UK.
If you look at it in a way then these things happening is a really good sign as governments are taking more interest in the sector but at the same time, the way they are getting themselves involved is not letting the businesses drive or at least give them a good environment in which they can be growing which is a thing of dilemma and something that requires a solution because this is visible in a lot of places of the world.
However, it will be really interesting to see how things are going to turn out in a couple of years as different countries have different approaches to their regulatory framework and the way they are willing to regulate digital assets in their countries and the shift of business is from US and European market to South Asia is also really impact full move for the ecosystem and these are the things that are going to be defining the cryptocurrency ecosystem after a couple of years for sure
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