Pritchard mentioned a warning issued by the FCA to crypto investors a week before the FTX collapse in early November but added, “we have always been open to innovation,” stating:
“Crypto assets and blockchain offers opportunities for more efficient and innovative financial services and products.” The move is in stark contrast to the approach across the pond in the United States. Those in the crypto industry in America claim local financial regulators arethe crypto sector with enforcement actions as opposed to developing meaningful regulations in collaboration with industry leaders.
Pritchard noted the FCA’s responsibilities are limited to making sure that crypto firms that operate in the U.K. comply with Anti-Money Laundering and Counter-Terrorist Financing legislation.Related:
Pritchard mentioned a warning issued by the FCA to crypto investors a week before the FTX collapse in early November but added, “we have always been open to innovation.' The move is in stark contrast to the approach across the pond in the United States.