Not everyone welcomes the Treasury’s exemption. Given the Financial Conduct Authority’s increasing focus on consumer protection “it is hard to see how the regulator could ever agree to this,” said James Alleyne, legal director at Kingsley Napley, who worked at the FCA previously in an emailed statement.
A new set of much-anticipated regulatory plans published by the Treasury on Wednesday could make it mandatory for crypto firms to be authorized by the Financial Conduct Authority . For now, firms have to apply for FCA registration under its anti-money laundering regime.
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