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Ashley AlderThe man, who is set to head the UK’s Financial Conduct Authority (FCA), said his government will take a tough stance on cryptocurrency companies.
according to Financial Times, Alder said cryptocurrency companies were deliberately avoiding and facilitated large-scale money laundering.
Our experience with cryptocurrency platforms so far, be it FTX or otherwise, is that it is a deliberate avoidance and a way that large-scale money laundering takes place, Alder said. says Mr.
According to data available from Chainalysis, only 0.05% of all cryptocurrency transactions in 2021 were related to money laundering.
Alder added that cryptos need to be properly regulated to mitigate the risks associated with conflicts of interest among parties and unclear classification of crypto assets.
The incoming FCA chairman has said that cryptocurrency companies looking to do business in the UK will face tougher regulations as he takes over his government in February 2023.
Alder’s anti-crypto stance comes at a time when the UK is opening the door to becoming a global cryptocurrency hub.Prime Minister Rishi Sunak recently tax relief Package to Crypto Investment Manager.
