According to Cointelegraph, the UK's FCA began monitoring related companies involved in the crypto business from January 10. Gresham International founder and British lawyer Cal Evans said that as we have seen in previous draft EU laws, the whole purpose of these measures across the EU is to prevent the abuse of anonymity in the crypto space. These new measures will affect the privacy of encrypted users by 100%. They are trying to eliminate the privacy associated with using many cryptocurrencies. "Although there are several cryptocurrencies that can provide some anonymity, they cannot provide the same privacy as privacy coins. These cryptocurrencies will no longer exist, at least through British exchanges. He believes," Privacy coins in the UK market Holders are most affected by this, but many people are likely to trade these coins privately or through exchanges that do not use such demanding KYC. This means you will see many 'private chain' tokens being transferred to offshore exchanges. "