CandleFocus FCA doubles down on hawkish crypto stance to fight money laundering
2024-10-21
Author: Content Editor
The Financial Conduct Authority (FCA) in the UK is standing by its rigorous registration process for crypto businesses, despite concerns that it may hinder innovation. Val Smith, head of payments and digital assets at the FCA, defended the agency's approach in a blog post, emphasizing the need for trust and strong universal standards in the industry. Smith also highlighted the risks of illicit activities such as terrorism, organized crime, and human trafficking, and cautioned against relaxing regulations. The FCA's annual report revealed that only four out of 35 crypto applications received in the previous year were approved, indicating the challenges faced by new entrants in the UK crypto market.
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