Best Crypto to Buy Now as UK Moves to Block Loans for Buying Cryptocurrency

In a decision that came as a surprise to most within the cryptocurrency community, the UK’s financial watchdog, the Financial Conduct Authority, has decided to block all financial institutions from giving loans to buy cryptocurrency assets.

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While this move could be perceived as something that goes against the UK’s recent attempts to bring more progressive regulations, in reality, progressive regulation is the reason it is being done.

“Crypto is an area of potential growth for the UK, but it has to be done right. To do that, we have to provide an appropriate level of protection,” said David Geale, FCA Executive Director of Payments and Digital Finance. He also added that getting the right regulatory regime could make this approach attractive to cryptocurrency firms.

This consumer-centric move may increase the rush to find the best crypto to buy now.

This Move Will Crackdown Bad Actors – David Geale

Cryptocurrency trading in the UK has expanded to a massive degree. Statista shows that the market is estimated to reach $1 billion by 2025. With the average revenue per user in crypto expected to be $66.8 in 2025, it’s no surprise that the financial watchdog has started to focus closely on this development.

Therefore, the new draft of laws is especially important, according to David Geale, who said that the Financial Conduct Authority wants to crack down on bad actors and support “legitimate innovation in the burgeoning industry.”

The new regulations will come with restrictions, and barring consumers from getting loans to buy crypto is one of them. However, stablecoins are still allowed since they are digital assets that maintain a fixed value relative to other assets such as the USD.

The Financial Conduct Authority is also considering placing restrictions on lending and borrowing crypto asset loans due to the “risks of significant harm” they represent. The FCA notes that such practices could lead to everything from loss of ownership to liquidity risks.

Considering the lack of consumer understanding in this area, and the fact that borrower creditworthiness is excruciatingly limited, banning it outright could be the answer.

Community reactions to this move have been unexpected—no one is up in arms against it so far. Many have even applauded the move. “The FCA was trying to balance innovation with appropriate oversight,” said Hannah Meakin, partner at law firm Norton Rose Fulbright.

While we are yet to see the full impact of this law’s enforcement on the market, one thing is certain: investors should expect volatility. Therefore, people should prepare now and find the best cryptocurrencies to invest in.

Best Crypto to Buy Now – Top 4 Picks

Here are the top crypto picks that could provide short- and long-term upsides if the market grows volatile again.

BTC Bull

The UK’s laws are associated with big topics like staking and lending for cryptocurrency purchases—something that cheap cryptos such as meme coins don’t have much to do with.

Therefore, as a way to hedge against the market conditions that could become volatile if the law is finally enforced, BTC Bull could be a good buy.

A meme coin project that creates a direct link to leverage Bitcoin’s growth, BTC Bull focuses on honesty.

It is not a long-term project, but a meme asset whose intrinsic value is tied to Bitcoin itself—which means that when Bitcoin grows, it has the potential to grow as well.

While other meme coins only focus on speculation to tap into Bitcoin’s momentum, BTC Bull has ensured that growth enters its ecosystem every single time.

This is done by burning tokens and organizing Bitcoin airdrops whenever the BTC price rises by $25K after hitting the $100K level.

Many crypto analysts, including Alessandro De Crypto, are excited about the prospects of this project. Some even say that since Bitcoin could pump soon, BTC Bull could experience exponential growth.

Best Wallet Token

Best Wallet Token is a cryptocurrency powering a wallet that could provide a safe haven for new investors entering the market during times of volatility.

While it may be directly impacted by the UK’s decision, Best Wallet has created an ecosystem where market volatility can actually be leveraged.

This happens through a token launchpad that Best Wallet has integrated to provide early-mover opportunities to investors. Other perks include staking, market assessment reports, and portfolio management.

Best Wallet can also be considered a lite-DEX, as it lets users buy and sell cryptocurrencies via fiat.

Furthermore, there are no current intentions to introduce a crypto-lending ecosystem within it, which means it already adheres to the UK’s upcoming regulations.

The Best Wallet ecosystem also organizes several airdrops, offering users more than a few ways to earn free BEST tokens.

However, for those who want to get ahead of the curve and buy BEST tokens outright—since it is available on presale—this can be done by visiting the official website.

Solaxy

Solana is an ecosystem big on crypto lending too. However, one of its leading lending protocols, Loopscale, had to halt operations following a $5.8 million exploit.

This news highlights the need for better regulations and clarity around crypto lending—and the fact that Solana’s innovative approach could be applied in other, much-needed directions if it didn’t suffer from scalability issues.

Addressing those issues is Solaxy, a utility crypto advertised as the world’s first Solana L2, which could help Solana become more scalable thanks to its use of ZK Rollups.

The general idea of the project is to create a Solaxy chain running parallel to Solana, enabling off-chain transactions to tackle the congestion issues Solana suffers from.

Furthermore, Solaxy is also providing modules for dApp developers—letting them create tokens and even unique applications on the Solana blockchain.

Claims of meme coins improving an existing ecosystem are common, but this is the first time a project is actually showing real development.

Available on presale, Solaxy has raised over $32 million at the time of writing. An explosive debut on a cryptocurrency exchange is possible for this token—especially if it launches while the Bitcoin bull run is in full force.

Summary

The UK’s financial watchdog’s move to ban loans for buying cryptocurrencies could have massive ramifications for the crypto market. These effects could be negative for those aiming to become whales, but they could also be positive by keeping consumers safe from risk-on assets.

Whatever impact this decision has on the market, investors should remain steadfast and look for the best crypto to buy now, as any regulatory move can lead to market volatility. And when the market is volatile, becoming an early mover could allow investors to reap the most benefits.

This publication is sponsored. CryptoDnes does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any action related to cryptocurrencies. CryptoDnes shall not be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned.

Kostadin Dimitrov