UK regulators are bringing in a “test” which consists of a fairly arduous questionnaire that investors will have to pass before being allowed to buy cryptocurrency on exchanges.
Regulators plan to stop flight into crypto
As bitcoin and cryptocurrencies continue to stage a dramatic fightback, with bitcoin potentially heading towards $30,000 and beyond, and investors are taking their money out of fiat and putting it into the crypto market, regulators are preparing to force UK investors to take a 6-page questionnaire. A pass of which will allow them to buy crypto.
It appears that the gloves are off. The UK is supposed to be welcoming crypto companies to its shores. It has stated its intent of making the Kingdom a worldwide hub for crypto. However, such a ridiculous move can only lead to crypto companies fleeing the country forthwith.
In today’s financial climate of deep uncertainty as regards the banking system, bond markets, high inflation, and fiat currencies such as the pound, that are losing their purchasing power at an accelerated rate, investors must be alarmed beyond measure, and trying to prevent them from buying bitcoin, and any other cryptocurrency for that measure, smacks of totalitarianism.
Financial apartheid
Ray Youssef tweeted out on X his view that this is financial apartheid. He stated that the six page quiz would be enforced by 6 January 2024 and that there would be a “48-hour cooling period” before being allowed to buy, even if investors passed the test.
KYC at a whole new level!By Jan 6th. Every UK citizen will have to take a “test” to buy #Bitcoin It is a 6 page quiz that will not be easy and is designed to get you to give up. If you pass there will be a 48 hr “cooling period” before you can actually buy.Financial Apartheid… pic.twitter.com/PtrhU8u7hX
— Ray Youssef (@raycivkit) October 15, 2023
Further to the test, new rules are to limit buying to “high net worth investors” (£100k to £250k of ‘liquid’ assets), “sophisticated investors” (having some kind of certification), and what are called “restricted investors” who promise not to spend more than 10% of their net assets.
All exits are being closed off
This infringement of civil liberties is just another obstacle being put in the way of investors, and is an attempt to keep all corralled in the fiat system in order to stop outflows from the pound into what might be perceived as safe havens such as Bitcoin.
The “then they fight you” phase is well and truly swinging into gear. Bitcoin and crypto are going to suffer more and more attacks as fiat currencies continue their mathematically certain course towards zero. Investors need to educate themselves on their finances as a matter of urgency.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
