FCA To Allocate More Resources To Investigate Cryptocurrency Firms

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Treasury Department economics secretary John Glen said the Financial Conduct Authority (FCA) has significantly increased its resources to consider applications for the cryptoasset registry.

Treasury Department economics secretary John Glen stated that the Financial Conduct Authority (FCA) has significantly increased its resources to consider applications for the crypto-asset registry.

These filings have become a major issue for UK crypto entrants , following the FCA assuming the role of money laundering, counter-terrorism financing and overseer of crypto startups in early 2020 .

In the first place, the FCA stated that the registrations had to be made by January 10, 2021, otherwise the companies would have to stop trading. The organizer first announced that it has extended this date to July 9, 2021, and in recent weeks to March 31, 2022.

FCA Will Raise Funds

John Glen also emphasized the importance of balancing the potential risk to consumers in order to encourage competition and innovation in the industry. Still, he said this also strengthens the FCA’s crypto capabilities.

“The government believes that the agency is also the right controller for the crypto-assets industry, due to the FCA’s previous successful work on money laundering supervision.

I can confirm that as a result of taking longer than anticipated to process applications, the FCA has significantly increased the resources it allocates to consider applications.”

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