A Total of 44 Crypto Firms Have Registered with UK FCA
The Financial Conduct Authority (FCA) has witnessed an increasing number of crypto firms achieving registration, with a total of 44 firms currently registered under the money laundering regulations.
Steve Smart, the joint executive director of enforcement and market oversight, said during a recent event that the FCA has served as both a regulator and a law enforcement agency in countering financial crime.
“We must stay a step ahead of the criminals, whether it is to pre-empt the way they use new technology such as AI and deep fakes or whether it is to work together with the firms we regulate, to ensure their systems and controls keep a step ahead of those seeking to exploit them.”
One of the measures employed by the FCA to combat financial crime is the authorization of firms.
Smart emphasized that this process is crucial for maintaining high standards within the industry.
“Through a rigorous process, we check that firms have the right systems and controls in place, underpinned by sound business models, before they can be approved. This is to prevent potential harm to the wider system.”
Acknowledging that the FCA’s processes have been slower than desired in the past, Smart highlighted efforts to eliminate operational backlogs and reduce unnecessary delays.
He noted that 86% of initial cryptocurrency registrations received by the FCA were rejected, withdrawn, or refused due to inadequate compliance with anti-money laundering standards.
Smart also pointed out the importance of data sharing initiatives in preventing harm and encouraged firms and cross-sector partners to participate actively.
“Not all alleged breaches of regulation or the law are easy to spot. We cannot do our detective work alone,” he said.
“Criminals will always
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