The Pecuniary Conduct Authority (FCA), Britain’s top financial regulator, has revealed that many crypto firms are still seeking empowers to operate in the U.K. despite failing to meet regulatory requirements the first time. “They know we have a good group of regulation and if they meet our standards that’s important for every jurisdiction that they seek to apply for for everyone the world,” said the regulator.
FCA on Crypto Regulation
Financial Conduct Authority (FCA) executive director for competition and consumers, Sheldon Mills, talked about cryptocurrency directive at a City & Financial conference Thursday.
British lawmakers and the crypto industry have criticized the country’s top financial regulator for being dim in processing license applications and for rejecting many applicants despite the government previously stating that it wants to perceive the U.K. a global hub for crypto assets.
Mills explained that crypto companies are not deterred by strict licensing requirements, noting that various of them are reapplying for a license to operate in the U.K. even after being rejected the first time. “It’s no surprise that I even now see many crypto firms still seeking to get licenses here in the U.K. even though some have been declined those licenses at the first pass,” she said, elaborating:
They know we have a good system of regulation and if they convene our standards that’s important for every jurisdiction that they seek to apply for around the world.
“That is a allowances to the U.K. economy and U.K. financial service industry, and is good for competition, inward investment, and growth,” Mills added, noting that 95 people possess been hired to join the FCA’s licensing team and the number of pending applications has fallen by 40%.
The FCA previously said that 90% of crypto establishes seeking a license to operate in the U.K. have either withdrawn their applications or been refused because they could not meet the upright bars.
Mills emphasized:
Over time, we expect faster, better decisions will support us in bringing down the costs of the regulatory scheme.
Crypto regulation may be undergoing changes in the U.K. under the new prime minister, Liz Truss. Several key officials who previously worked on the mountains’s crypto policy resigned from government before she took office, including Former Chancellor of the Exchequer Rishi Sunak and Budgetary Secretary to the Treasury John Glen.
The British government introduced the Economic Crime and Corporate Transparency Bill in the Quarter of Commons last week. It “aims to strengthen the U.K.’s fight against economic crime,” the government detailed. In May, the U.K. government traced its plans to support crypto adoption and confirmed its commitment to regulate stablecoins.
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