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Katharine Wooller, Business Unit Director coin cover FCA believes it is taking an encouraging step. She feels the UK’s approach to regulation has been slow, so she believes a more proactive approach to protecting users would be a positive step.
Cryptocurrency trust has collapsed again following the FTX scandal. Theft, hacking, and fraud, if not the collapse of trusted cryptocurrency brands, have fueled consumer anxiety and skepticism about the market as a whole. The unfortunate reality is that digital assets remain vulnerable to exploitation by a small number of bad actors, and as such safeguards and appropriate governance standards need to be put in place.
Without regulation, the market will remain a Wild West with an unusually high level of risk. However, if properly implemented, regulation can mitigate these risks and protect investors. At the same time, this will help prevent failures and corruption that can lead to wider market disruptions, ultimately providing cryptocurrencies with the trust and security they need to grow.
FCA regularly newsdue to a very conservative and very strict stance on approving crypto businesses. It plans to turn the UK into a bustling crypto hub.
Less than a year ago, Treasury Secretary Rishi Sunak said:
It is my ambition to make the UK a global hub for cryptocurrency technology and the measures outlined today will help businesses to invest, innovate and scale in the country. “
So far, the FCA, also known as the UK’s Financial Oversight Authority, has granted full clearance to only 41 of the 300 cryptocurrency companies’ applications seeking regulatory approval so far.
