FCA to Allocate $ 670,000 to Fight Crime Financing in Cryptocurrencies

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The UK Financial Conduct Authority (FCA) will fund training for staff to identify patterns of cryptocurrency use in illegal activities.

The UK regulator has announced a tender to attract consultants who
train employees of the Office to identify the financing of illegal activities using cryptocurrencies.

FCA is willing to pay £ 500,000 ($ 670,000) to the company, which will provide training and management training and monitoring platform for illegal transactions.

“FCA is looking for specialists who can provide training services in the analysis of blockchain data and cryptoassets. And a third-party company specialized in this area that can provide access to a platform that supports reliable and efficient analysis of blockchain data, as well as provide training and ongoing support in using this platform. ”

The placement of the tender demonstrates what a significant shift has taken place in the supervisor’s priorities with regard to cryptocurrency regulation. The FCA, after becoming the AML / CTF supervisor for cryptocurrency companies in the UK, has begun investing heavily in the fight against illegal cryptocurrency activities.

In July, the agency launched a £ 11m ($ 15m) campaign to educate young people about the risks of investing in the cryptocurrency industry. According to a March FCA study, “the thrill of investing” and “status based on a sense of ownership” are encouraging young people to invest in cryptocurrencies.

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