FCA Official Says Regulators Need A More Balanced Approach Towards The Crypto Markets ⋆ ZyCrypto - BitcoinEthereumNews.com
The UK Financial Conduct Authority (FCA) is the UKs foremost regulator for financial services companies, with digital asset companies also under their purview. However, considering the focus of the FCA actions on risks in the nascent market, an official fears the regulator has focused too much on the negatives. Mixed Signal Speaking at the FT Digital Asset Summit, FCA‘s co-director on consumer and retail policy, David Raw, disclosed that he fears that the FCA may not have had a balanced approach to the developing market so far. According to the official, the status quo effectively pits the FCA against Her Majesty’s Royal Treasury, which has declared intentions to make the UK a crypto hub. The UK is known to be a financial hub in Europe and one of the leaders in FinTech. However, things have not gone so smoothly with crypto, as the seemingly combative nature of the FCA towards crypto firms has seen some firms decide to render services from outside the country. While the Treasury has declared its interest in making the UK a crypto hub, accepting stablecoin payments, and even launching an NFT collection, crypto firms are still struggling to be registered with the FCA. As last reported by ZyCrypto, only