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An FCA official said on Wednesday that the Financial Conduct Authority's worry in the past about consumer safeguards in the crypto field has put it at conflict with the Treasury's intentions for the UK to become a crypto powerhouse.
While the U.K. Treasury was intrigued with "the intriguing prospects" of recruiting crypto firms, David Raw, FCA co-director of consumer and retail regulation, told the FT Digital Asset Summit that his agency was focused on the risks. "I think the FCA has been on the opposite side for a long time, probably a little too long," he remarked. "Anything relating to company risks and market integrity risks, as well as risks to financial stability."
Raw continued, "I believe what we need to do is build a balanced regulatory strategy."
With the support of the FCA, the Bank of England, and the Payments Systems Regulator, the UK Treasury has revealed its desire for the country to become a crypto hub, promising the release of a policy package.
According to a 2022 research based on data from employment site Glassdoor, the crypto sector in the United Kingdom is booming, and it ranks second after the United States in terms of crypto job postings. As of March 10, there were 954 crypto-related job openings in the United Kingdom, compared to 3,893 in the United States.
In May, the FCA will organize a two-day CryptoSprint with digital asset businesses and experts to better understand the sector's regulatory environment.
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