The UK’s FCA has flagged some cryptocurrency firms seeking regulatory approval for law enforcement. As Kriptokoin.com, we have compiled the UK’s decisions against crypto money companies for you.
Investigation into crypto money companies
The UK’s financial regulator said in a letter published Thursday that an official at the agency has referred some crypto companies trying to register with it to law enforcement. Sarah Pritchard, executive director of market control, policy and competition at the Financial Conduct Authority, said in a letter to the Treasury Select Committee on Jan.
“Overall, in the few cases where we identified possible financial crimes or direct links to organized crime, we referred them to law enforcement.” “Some of these law enforcement investigations are ongoing”
The regulator on Wednesday said it received 300 applications from crypto companies seeking approval to serve customers in the country under its anti-money laundering regime. The FCA said only 41 companies managed to register with the regulator, while 195 companies either rejected or withdrew their applications. Of the 300 applicants, 29 were rejected for not meeting the FCA’s approval requirements.
CEO criticized for tough stance
At a meeting last November, FCA CEO Nikhil Rathi was criticized for taking a tough stance on cryptocurrencies because the regulator was necessary. ‘The FCA took a solid position at the time of authorization so that the risk of crime was significantly reduced, hence the high rejection rate,’ Pritchard said in the letter.
The UK is stepping up efforts to regulate crypto. Police deployed crypto tactical advisors across the country. The Economic Crimes and Corporate Transparency Act, which is being debated in Parliament, gives law enforcement more power to seize and freeze cryptocurrency used in criminal activities, while the Financial Services and Markets Act could expand the FCA’s own powers to oversee the industry. The FCA declined to disclose how many crypto companies it has referred to law enforcement.
Will power crypto regulators
The UK’s far-reaching Financial Services and Markets Act (FSMB), which could give regulators more power over crypto, should be passed into law by next spring, a Treasury spokesperson told e-mail.
The FSMB has already been discussed in the House of Commons and will have its second reading in the upper house of Parliament, the House of Lords, by January 10. Once both houses agree, the bill is passed to King Henry III, where it can be passed into law before it goes into effect. It will be sent to Charles.
“This is, of course, an important milestone and will allow us to make significant progress on the provisions of the Bill, including repealing and amending the burdensome pages of EU (European Union) law governing the industry, measures and measures to adopt crypto-asset technology. “To protect the consumer,” the Treasury spokesperson said.
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