The Financial Conduct Authority (FCA) eschews innovation and focuses on risk management, according to Blockchain.com.
The head of the largest British cryptocurrency company, Peter Smith, in an interview with The Telegraph, said that he does not approve of the FCA’s methods. In his opinion, over the past few years, the UK has noticeably lagged behind the global agenda and is not actively working with the financial industry. This, says Smith, breeds distrust of innovation.
In defiance of the authorities of the United Kingdom, the businessman praised Germany and Ireland for the timely creation of a legislative framework that allows fintech companies to work more efficiently.
Over the past year, the FCA has taken a number of tough measures in the fight against money laundering. For example, it obliged cryptocurrency companies to accept requirements that impose rather stringent requirements on companies. So far, only six out of 152 companies have been approved by the FCA, with more than 100 companies either still awaiting permission to operate in the UK or forced to go offshore.
Last October, FCA CEO Nikhil Rathi spoke out against government compensation to crypto investors who were victims of scams. At the same time, he added that digital currencies should be subject to even stricter regulation.
Source: Bits
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