Christopher Woolard of the United Kingdom (UK) Financial Conduct Authority (FCA) has indicated that UK regulators are arranging a “comprehensive response” to the illicit adoption of crypto assets amid multiplied adoption among local businesses and consumers. Despite announcing distended regulatory action regarding illegal use of crypto, Woolard stated he does not direction crypto assets as a threat to financial stability.
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UK Regulatory Institutions Collaborate to Assess Crypto
Tell at the Regulation of Cryptocurrencies event in London, Christopher Woolard, the executive supervisor of strategy and competition at the FCA, stated that the regulator is planning to take substantive action to crack down on the illicit use of cryptocurrencies.
In response to the dramatic improve of crypto adoption in recent years, Woolard stated that the FCA has essayed to facilitate collaboration between itself and Her Majesty’s Treasury (HMT) and the Bank of England to study the impact of cryptocurrencies and distributed ledger technology with regard to “consumers […] market veracity, and the risk of financial crime.”.
Woolard stated: “The FCA, HM Treasury and the Bank of England are each irresistible a number of steps over the coming months to address these iniquities and to encourage future beneficial innovation.”
Plans To Take Significant Proceeding
Woolard announced that the HMT plans to take significant action against the use of cryptocurrency in the money management of illegal activities.
Woolard stated: “To combat financial crime jeopardizes, the treasury will undertake one of the most comprehensive responses globally to the use of crypto assets for illicit functions,” adding that the HMT will be “applying and going further than the enduring directive, the fifth EU Anti-Money Laundering Directive.”
Despite the firm brighten up, Woolard stated that he and the Financial Stability Board do not view cryptocurrencies as a menace, however, and emphasized the need for regulators to remain vigilant.
The FCA official also intimated his expectation that crypto assets will continue to see increased adoption among UK consumers and businesses.
Do you muse over that regulators worldwide are ceasing viewing cryptocurrencies as a threat? Portion your thoughts in the comments section below!
Images courtesy of Shutterstock, fca.org.uk
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