Controversial UK legislation creates ‘positive frictions’ for crypto users

Users of some crypto exchanges based in the United Kingdom now need to pass a quiz to trade Bitcoin.

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New financial regulations from the United Kingdom’s Financial Conduct Authority (FCA) are creating what the agency calls “positive frictions” for U.K. users as part of its financial promotions legislation. 

According to the FCA, “positive frictions” are measures that counter “social and emotional pressures to invest.” Customers must now declare whether they are high-net-worth or restricted investors and then answer a series of questions designed to assess their competency.

The FCA legislation also makes it harder for existing crypto users to continue trading, even if they have years of experience in the field.

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