CryptoUK: FCA’s Tough Stance Hinders UK Crypto Industry Growth
CryptoNewsTerminal Staff16 Sep, 2024
CryptoUK: FCA’s Tough Stance Hinders UK Crypto Industry Growth
CryptoUK, the UK’s crypto self-regulatory body, has criticized the Financial Conduct Authority’s (FCA) “heavy-handed” approach to regulating the crypto industry. CryptoUK argues that the FCA’s lengthy and onerous registration process for crypto businesses is stifling innovation and making the UK uncompetitive. The FCA has been criticized for its strict approach to crypto regulation, which has seen only four out of 35 firms approved for registration in the past 12 months. CryptoUK believes that this approach is hindering the growth of the UK crypto industry and making it difficult for businesses to operate in the UK. “The UK has the potential to be a global leader in crypto, but the FCA’s current approach is holding us back,” said CryptoUK CEO Ian Taylor. “We need a more proportionate and risk-based approach to regulation that allows businesses to innovate and grow.” The FCA has defended its approach, arguing that it is necessary to protect consumers from the risks associated with crypto. However, CryptoUK believes that the FCA’s approach is too cautious and is stifling the growth of a promising new industry.
