Following the news reported on Monday that Celsius, one of the biggest players in the market for digital yield products, had halted customer withdrawals – symptomatic of intensifying strains across the digital assets industry – Zoe Wyatt, Partner and Head of Crypto at Andersen in the UK shares her views with us:
“With the latest news across the cryptomarkets, retail users are understandably concerned. We really encourage the FCA and other regulatory bodies to step to the fore; to properly examine crypto businesses’ models and help regulate those that want to operate in the UK, affording consumers some protection in the bear markets.
“Many crypto businesses were effectively encouraged by the FCA to go offshore. Following John Glens’s statement there is a push to be ‘open for business’ but watching what is happening with the current markets shows now more than ever that we need support for the end user, as well as those funding innovative new businesses, in the form of clear and practical regulation.
“For many this is a hard time to stomach, heading through the latest downward trend but we are working with many new and innovative businesses where the Web3 movement is still very much alive and although funding is not as easy, it is not deterring the development opportunities in Web3.”