UK Regulator: Crypto Firms Undeterred by Strict Regulation — ‘They Know We Have a Good System’

The Financial Conduct Authority (FCA), Britain’s apical fiscal regulator, has revealed that galore crypto firms are inactive seeking licenses to run successful the U.K. contempt failing to conscionable regulatory requirements the archetypal time. “They cognize we person a bully strategy of regularisation and if they conscionable our standards that’s important for each jurisdiction that they question to use for astir the world,” said the regulator.

FCA connected Crypto Regulation

Financial Conduct Authority (FCA) enforcement manager for contention and consumers, Sheldon Mills, talked astir cryptocurrency regularisation astatine a City & Financial league Thursday.

British lawmakers and the crypto manufacture person criticized the country’s apical fiscal regulator for being dilatory successful processing licence applications and for rejecting galore applicants contempt the authorities antecedently stating that it wants to marque the U.K. a planetary hub for crypto assets.

Mills explained that crypto companies are not deterred by strict licensing requirements, noting that galore of them are reapplying for a licence to run successful the U.K. adjacent aft being rejected the archetypal time. “It’s nary astonishment that I inactive spot galore crypto firms inactive seeking to get licenses present successful the U.K. adjacent though immoderate person been denied those licenses astatine the archetypal pass,” she said, elaborating:

They cognize we person a bully strategy of regularisation and if they conscionable our standards that’s important for each jurisdiction that they question to use for astir the world.

“That is simply a payment to the U.K. system and U.K. fiscal work industry, and is bully for competition, inward investment, and growth,” Mills added, noting that 95 radical person been hired to articulation the FCA’s licensing squad and the fig of pending applications has fallen by 40%.

The FCA antecedently said that 90% of crypto firms seeking a licence to run successful the U.K. person either withdrawn their applications oregon been refused due to the fact that they could not conscionable the standards.

Mills emphasized:

Over time, we expect faster, amended decisions volition enactment america successful bringing down the costs of the regulatory system.

Crypto regularisation whitethorn beryllium undergoing changes successful the U.K. nether the caller premier minister, Liz Truss. Several cardinal officials who antecedently worked connected the country’s crypto argumentation resigned from authorities earlier she took office, including Former Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen.

The British authorities introduced the Economic Crime and Corporate Transparency Bill successful the House of Commons past week. It “aims to fortify the U.K.’s combat against economical crime,” the authorities detailed. In May, the U.K. authorities outlined its plans to support crypto adoption and confirmed its commitment to modulate stablecoins.

What bash you deliberation astir the comments by the FCA enforcement manager astir crypto regulation? Let america cognize successful the comments conception below.