City watchdog chair warns creation and trading of cryptocurrency to come under regulatory scope

The chair of the City watchdog has fired a warning shot to the cryptocurrency industry, signalling it could soon come under greater regulatory scrutiny.

Charles Randell, chair of the Financial Conduct Authority, has raised the prospect of the financial watchdog bringing the creation and trading of cryptocurrency tokens under its scope.

Speaking at the Cambridge international symposium on economic crime, Randell said: The potential level of consumer harm that these purely speculative tokens bring raises the question of whether the activity of creating and selling the tokens themselves should be brought within FCA regulation.”

More to follow.

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