The regulator looks to firm up its role in supervising the nascent technology and its operators. As per Pinsent Masons data, the FCA has 87 active investigations underway, up from 50 in October 2018. During an investigation, the FCA has the power to suspend a company and prevent it from undertaking regulated activities, impose fines, apply to court for injunctions, winding up orders and restitution, and bring criminal proceeding against a company for financial crime.
In May 2019 the FCA released data and statistics showing that around GBP 27 million had been lost of cryptocurrency investment scams. Moreover, the fifth cohort of the FCA’s regulatory sandbox, announced in April 2019, contains eight cryptocurrency companies, while the fourth cohort included 11 companies based around blockchain and distributed ledger technology.
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