UBS says stiffer regulations are coming
According to the note, the latest crackdown on digital assets by the Asian country has affected the value of the coins and players in the market. It also highlighted the fact that other countries like the United States and United Kingdom could also be planning to implement a set of stiffer regulations against the industry, thereby making investing in the space a huge risk for investors.
The Swiss banking giant went on to state that regulators across the world have shown that “they can and will crackdown on crypto,” while advising investors to “stay clear and build their portfolio around less risky assets.” The firm concluded that “regulatory crackdowns could pop bubble-like crypto markets.”
Governments around the world renew crackdown on crypto
It is worth noting that China has renewed its hostilities towards crypto mining in recent times. The government of the country has enforced the closure of numerous crypto mining sites citing environmental concerns.
Similarly, in the United States, Boston Federal Reserve’s president Eric Rosengren highlighted the fact Stablecoins were being watched closely by the authorities. According to him, Tether is a “financial stability challenge” they are keeping an eye on.
The financial watchdog of the United Kingdom is also not left out. The Financial Conduct Authority has issued several warnings against crypto and once advised investors in the country to be prepared to “lose all of their money” if they invest in the crypto space.
In Nigeria, the apex bank of the country has restricted all financial institutions in the country from offering their services to crypto-related companies with the threat of sanctioning defaulters.
Other countries across the world are also making considerable efforts towards taming the economic effect and impact of the crypto industry within their jurisdiction.
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