Tuesday, November 30, 2021

UK’s FCA is scaling up its crypto regulations targeting criminal activities associated with Bitcoin.

The Takeaway:

United Kingdom regulator, the Financial Conduct Authority (FCA), is scaling up its crypto regulations targeting criminal activities associated with Bitcoin.

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United Kingdom regulator, the Financial Conduct Authority (FCA), is scaling up its crypto regulations targeting criminal activities associated with Bitcoin. In a tender notice, the FCA is looking for experts to train its staff on identifying possible criminal activities related to cryptocurrencies, City AM reports. The agency is spending around $671,000 on consultants on the possible blockchain analytics firm that will assist its staff root out vices such as money launderers and terrorists in relation to cryptocurrencies.

 

More and more people in the UK are now buying bitcoin.

The FCA revealed that it would hire services of a third-party company as part of its mandates to accelerate its duties as the supervisor of digital assets in the UK. The FCA’s approach comes considering the significant number of UK residents holding Bitcoin. Earlier research by the regulator stated that about 1.9 million people in the UK hold Bitcoin and other cryptocurrencies. In recent months, the FCA has increasingly focused on regulating the crypto sector while issuing warnings to investors about the stability of digital currencies. 

 

The FCA has banned several crypto-related businesses in the country. 

The FCA banned several crypto-related businesses in the country in recent months. In June, the financial regulator indicated that the crypto exchange Binance was not permitted to undertake any regulated activity in the UK. Overall, the FCA’s main focus has been on having solid anti-money laundering regulations in place. This year, amid the cryptocurrency sector growth, the FCA released new proposals seeking to tighten anti-money laundering regulations. One of the controversial proposals would see the target entities that the authority termed as high risk for money laundering.  

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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