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The recently appointed chairman of the UK’s Financial Conduct Authority (FCA) took an unfriendly stance on cryptocurrencies at a bipartisan Treasury Select Committee meeting.
Ashley Alder, who is set to take over control of the FCA in February, told a member of the Treasury Department on December 14 that the cryptocurrency-related business was “deliberately avoided”, arguing that the sector is laundering money. suggested that it encouraged
according to report The Financial Times, the current chief executive of Hong Kong’s Securities and Futures Commission, has emphasized his belief that the cryptocurrency ecosystem creates risks and will require further regulation by the government.
“Our experience so far [crypto] Whether it’s FTX or any other platform, it’s a deliberate avoidance, and it’s the way money laundering happens at scale.
Alder also added that the cryptocurrency sector bundles together “a series of activities that are usually segregated”, leading to “very nasty risks”.
The incoming FCA chairman’s comments seemingly contradict the regulatory body’s efforts to provide a nurturing environment for the UK cryptocurrency industry.
The agency told Cointelegraph earlier this year that oversight is limited to registering local-based cryptocurrency exchanges, primarily for anti-money laundering (AML) purposes. Have been described Listed on the FCA Registered Crypto Assets Roster.
The UK Treasury is currently drafting new regulatory rules for the cryptocurrency industry. This could include limits on the amount foreign companies can cancel sales in the country. This is largely due to his FTX collapse in November.
The FCA will also be tasked with overseeing crypto business operations and advertising as part of the proposed regulatory changes.
