Next UK financial regulator calls for tougher crypto rules: FT
Quick Take
-
Ashley Alder, the incoming chair of the UK’s Financial Conduct Authority, called for stricter crypto regulations, saying companies in the sector are evasive and allow for money laundering, according to the Financial Times.
Ashley Alder, the UK’s next Financial Conduct Authority chair, had harsh words for crypto platforms as he addressed members of parliament, the Financial Times first reported.
Speaking at a cross-party Treasury select committee, Alder suggested that crypto “should be regulated further,” adding that crypto companies “are deliberately evasive” and “a method by which money laundering happens” at scale, according to the newspaper.
The criticism from Alder comes as anti-money laundering tests held by the FCA ruled out 85% of firms that applied, according to FCA chief executive Nikhil Rath, who spoke earlier this year at a banking summit.
Expected UK Treasury regulations are set to introduce consumer protections, impose limitations on foreign sellers, restrict product advertising and offer provisions when companies fail.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.