In a tweet by HM Treasury it said: “This decision shows the forward-looking approach we are determined to take towards cryptoassets in the UK.”
Now of course, it does provide some security to know that if more companies begin to do it, the regulator will eventually, I assume, have to regulate it, which will make it somewhat safer. And the fact that the government is also joining the conversation does leave me a bit concerned about whether I’ve left it too late already.
Yet I just can’t do it. I can’t buy into something that has just sort of appeared, something the regulator as recently as last week put out warnings for.
Having seen some recent social media posts regarding the investments, the FCA said although it could not comment on individual products, investors should be aware that the regulator does not have regulatory oversight over direct investments in cryptoassets and NFTs.
“There are no consumer protections for those who buy any cryptoassets and NFTs, and they are not FSCS protected.
“As a result, if you buy cryptoassets you should be prepared to lose all the money you invest.”
Now when you see warnings like this from the regulator – perhaps the only people who could help you with your investment if something went wrong – I’m sure you can understand my resistance to buying these assets.
So perhaps I’ll be wrong eventually, and I’m sure I’ll have a lot of ‘I told you so’s’ coming my way at that time because the joke really will be on me, but for now, I’ll stick with my gut and my traditional means of investing.
sonia.rach@ft.com
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