The new chair of the UKs FCA makes condemnatory comments about cryptocurrencies ahead of his tenure in 2023. 3251 Total views 23 Total shares Listen to article 0:00 News Own this piece of crypto history
Collect this article as NFT The United Kingdom’s Financial Conduct Authoritys (FCA) recently appointed chair has presented an unfriendly attitude toward cryptocurrencies in a cross-party Treasury select committee meeting.
Ashley Alder, who will assume control of the FCA in February, told Treasury members on Dec. 14 that cryptocurrency-related businesses were “deliberately evasive” and suggested the sector facilitated money laundering.
According to a report from Financial Times, the current chief executive of Hong Kongs Securities & Futures Commission highlighted his belief that the cryptocurrency ecosystem creates risk that requires further regulation from government:Our experience to date of [crypto] platforms, whether FTX or others, is that they are deliberately evasive, they are a method by which money laundering happens in size.
Alder also added that the cryptocurrency sector bundles “a whole set of activities which are normally segregated which leads to massively untoward risk.”
The incoming FCA chairs comments are seemingly at odds with the regulatory bodys efforts to provide a fostering environment for the cryptocurrency industry in the United Kingdom.
The institution told Cointelegraph earlier this year thats oversight was largely limited to registering locally-based cryptocurrency exchanges for Anti-Money Laundering (AML) purposes. There are 41 exchanges currently listed on the FCAs registered crypto asset roster.
The U.K. Treasury is now looking to formulate new regulatory rules for the cryptocurrency industry, which could include limits on the amount that foreign companies cansell into the country. This has largely been driven by the collapse of FTX in November.
The FCA is also set to be tasked with monitoring operations and advertising of cryptocurrency businesses as part of the proposed regulatory changes. #Cryptocurrencies #Bitcoin Regulation #Adoption #Financial Services #United Kingdom #Regulation Related News How do you assess the value of an NFT? Anonymous crypto developers belong in prison and will be there soon US Sen. Elizabeth Warren says crypto will ruin economy Community responds Belgium says BTC, ETH and other decentralized coins are not securities Class action against Kim K, Mayweather over EMAX dismissed for now
