What's Hot

    El Salvador Launches Bitcoin/Lightning Dev Training Office

    March 20, 2023

    Belgium Impose New Crypto Ads Rules

    March 20, 2023

    Coinbase Expects High Demand for Unstaking After Shanghai Upgrade

    March 16, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      El Salvador Launches Bitcoin/Lightning Dev Training Office

      News March 20, 2023
      Recent

      El Salvador Launches Bitcoin/Lightning Dev Training Office

      March 20, 2023

      Belgium Impose New Crypto Ads Rules

      March 20, 2023

      Coinbase Expects High Demand for Unstaking After Shanghai Upgrade

      March 16, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»UK FCA Incoming Head Set to Clamp Down On Crypto   
    News

    UK FCA Incoming Head Set to Clamp Down On Crypto   

    Anietie DavidBy Anietie DavidDecember 16, 2022Updated:December 16, 2022No Comments2 Mins Read
    UK FCA Incoming Head Set to Clamp Down On Crypto   
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The incoming head of UK FCA has issued a violent broadside against the wider crypto industry. Potentially setting the stage for a showdown between the UK financial authorities, the UK government and UK-based crypto companies.

    In his interview before the Treasury Select Committee, Ashley Alder said that he has found crypto platforms to be “deliberately elusive.” Large firms within the sector are involved in widespread money laundering, he claimed. Alder said that cryptocurrency businesses in the UK will encounter challenges as the FCA assumed additional regulatory responsibilities.

    Alder could now find himself at odds with the British government and Rishi Sunak, the country’s new prime minister. The young leader has made it clear that he is committed to turning the UK into a cutting-edge crypto center. Sunak was cited as stating the following in a statement at the time: Sunak, the nation’s finance minister, was a fervent advocate for cryptocurrencies and CBDCs. He and City Minister John Glen released a wide-ranging plan to put the UK at the forefront of crypto regulation. 

    Alder refused to elaborate on whether he was on a collision course with the UK government. 

    UK FCA Claims Crypto Platforms Facilitate Money Laundering

    On December 14, incoming FCA chair Ashley Alder spoke to lawmakers, accusing cryptocurrency platforms of being deliberately evasive, facilitating large-scale money laundering, and producing massively unfavorable risk.

    The broad generalization occurs as the banking regulator takes on more authority over the UK’s cryptocurrency sector. Alder reportedly told the Financial Times that it would be difficult for cryptocurrency businesses to function in Britain.

    The UK, along with a number of prominent politicians, still hopes to develop into a regional crypto centre. If given the chance, the FCA would prefer a carefully regulated and constrained framework for crypto assets.

    He continued by claiming that cryptocurrency companies were bundling a whole range of businesses which are traditionally isolated, increasing risks. Tech companies have fled to friendlier countries in Europe as a result of the FCA’s highly lax operating license policy, which rejects 80% of the applications.

    Blockchain Crypto Bill Economy Policy UK Financial Authorities
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleUS Senator, Elizabeth Warren, Proposes Extreme Crypto Bill
    Next Article France Could Tighten Crypto Regulations Amidst Crypto Chaos    
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    El Salvador Launches Bitcoin/Lightning Dev Training Office

    March 20, 2023

    Belgium Impose New Crypto Ads Rules

    March 20, 2023

    Coinbase Expects High Demand for Unstaking After Shanghai Upgrade

    March 16, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.