It's been a confusing week for cryptocurrency investors in the US and UK. On Monday, President Biden issued a long-awaited executive order directing the federal government to evaluate the risks and benefits of cryptocurrency. It's the first executive order of its kind to focus exclusively on the growing popularity of digital assets like Bitcoin and Dogecoin, which put the crypto market on edge because of global regulatory concerns within the digital asset sector in recent years. Meanwhile, the UK has put an end to cryptocurrency ATMs.
Biden issues an Executive Order
The cryptocurrency industry was caught off guard on Monday when President Biden issued an put an end to cryptocurrency ATMs. The move comes as part of a crackdown on money laundering and terrorist financing that is being conducted by the country's financial regulator, the Financial Conduct Authority (FCA).
Cryptocurrency ATMs have been growing in popularity in recent years, as they provide a convenient way for investors to buy and sell digital assets. However, they also present a significant risk of being used for money laundering and other illicit activities.
The FCA's decision to ban cryptocurrency ATMs is likely to cause consternation among some investors, but it's part of a broader effort by the regulator to crack down on financial crime. In December 2020, the UK government introduced new regulations that require exchanges to verify the identity of their customers and report suspicious activity.
It remains to be seen how cryptocurrency investors will react to these latest developments in the US and UK. But one thing is clear: the market is still very much in flux, and regulatory uncertainty is likely to continue for the foreseeable future.
Please note: This article is not financial advice and should not be taken as such. Please consult a professional financial advisor before making any investment decisions.