The U.K. has become the latest country to ban bitcoin, and the U’s Financial Conduct Authority (FCA) is warning investors that there is no need to panic.
The Financial Conduct Agency (FCa) issued a statement late Friday that it was “making no final determination” whether or not bitcoin is illegal in the country.
The move comes after the Financial Services Authority of the Netherlands (FSA) issued similar warnings.
In its statement, the FCA said that it is “confident” the FSA will ultimately make a determination that bitcoin is a financial instrument, and it said that the FMA would “take the necessary measures to ensure that the right actions are taken to ensure the safe, secure and efficient functioning of financial markets.”
It added that it will “immediately review its existing regulatory framework and make a decision on whether to apply to the European Commission.”
The FCA’s warning comes after more than a dozen other countries, including Britain, Germany, the U., Australia, and Canada, have taken similar action in recent weeks.
While the U, Canada, and Australia all have different regulatory frameworks, it is widely agreed that bitcoin has become an important tool in the global financial markets, especially as more governments move to ban the currency.
“The UK has a much larger financial sector than the U,” said Chris Burnham, a cryptocurrency analyst at UBS Wealth Management.
“They have more people involved in the financial sector, and therefore they have a much higher degree of regulation and enforcement.”
The UK’s financial services regulator, the Financial Conduct and Markets Authority (F&M), has been working with the FSA since January to develop guidance on how to regulate bitcoin.
The FSA has already issued guidance on bitcoin in the United Kingdom, which says it is not regulated like a traditional currency and should not be treated like one.
“Bitcoin is not a commodity,” said David Sillars, the FSA’s chief compliance officer.
“It’s not a financial product.”
While the UK’s move has sparked concerns among some that the U would follow suit, Sillers said that there has been no change in the F&.
“We don’t think there’s any need to be alarmed,” Sillings said.
“I would be surprised if any other regulatory body would take that position.”
The U.’s move comes as the Us Department of the Treasury is investigating the bitcoin exchange Bitfinex for alleged violations of U.N. sanctions.
The U, which has a large and growing cryptocurrency trading market, has been particularly aggressive in targeting the cryptocurrency.
On Friday, U.C. Berkeley economist Daniel Bierut called on the Treasury to stop the crackdown.
“If the FCO really believes bitcoin is money and that it can be a currency, they ought to stop trying to ban it,” he said.
Bitcoin and the FTSE are the biggest digital currencies on the planet.
They are traded on a blockchain, which is a distributed database that allows them to remain anonymous and secure.
Bitcoin, the world’s most popular digital currency, has grown to over $2.5 billion.
The value of bitcoin in circulation in the world has more than doubled in the last 12 months.
“Bitfinex is the next victim of the global bitcoin-based money laundering crackdown,” Bieruts said.
He added that the Treasury’s move to shut down the exchange was a “huge blow” to the financial system and that the “financial crisis” could be avoided if more countries followed the U in their efforts to regulate and control the bitcoin industry.
“At this point, bitcoin is not something that you can regulate,” Biersut said.
However, many experts agree that the cryptocurrency is a “dangerous” asset that should not remain unregulated.
“This is a dangerous asset, not just because it’s the currency of tomorrow, but because it is the currency for tomorrow,” said Jonathan DeCristofaro, an associate professor at the University of Toronto’s Munk School of Global Affairs and the former chief executive of Bittrex, the largest bitcoin exchange.
“These types of asset bubbles are the stuff of nightmares, but the reality is these are assets that can be used to create wealth and create wealth creation, so it’s going to be very hard for governments to stop that.”
The move could have an immediate impact on the financial industry.
The CFTC has previously warned that bitcoin could be a threat to financial stability and financial markets.
In a statement last week, the agency said that bitcoin “has been used to launder money and evade financial reporting requirements and laws.”