UK markets watchdog: cryptoassets have “no intrinsic value”

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People should be cautious about putting money into unregulated cryptoassets like bitcoin that have “no intrinsic value” and few protections, Britain’s Financial Conduct Authority said on Wednesday.

FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File photo

LONDON: People should be cautious about putting money into unregulated cryptoassets like bitcoin that have “no intrinsic value” and few protections, Britain’s Financial Conduct Authority said on Wednesday.

The FCA was publishing final guidance to help firms in the sector understand if their cryptoasset activities come under existing rules.

“This will allow firms to have a better understanding of whether they need to be authorised and what they need to do to ensure they are compliant,” the watchdog said in a statement.

(Reporting by Huw Jones; Editing by Jon Boyle)