England: The Financial Conduct Authority (FCA) is taking an increasingly tough stance on crypto-currency regulation, with its new director of digital assets, Matthew Long, issuing a stern warning to potential investors.
The Financial Conduct Authority (FCA) is stepping up its warnings that crypto-currency investors should be prepared to lose all their money, as the increasingly influential regulator prepares to expand its influence in the crypto-currency arena in England. While the current English Prime Minister, Rishi Sunak, is considered pro-crypto, his entire administration is clearly up in arms against them.
Matthew Long, the FCA’s new director of digital assets, said in an interview with Financial News that “billion pounds“are being laundered through crypto-currencies and that consumers have already reported losing all their hard-earned savings.
Matthew Long joined the regulator after working for the National Crime Agency English last October. He is now the head of the FCA’s crypto unit, where he hopes to recruit at least 15 experts to help him in his efforts.
As of now, the FCA is responsible for conducting anti-money laundering checks and verifying applications from crypto companies hoping to register with the exclusive regulator. Forty-one have been approved so far, according to Matthew Long’s report.
With other global regulators already in place, establishing comprehensive frameworks, including European enforcement on crypto asset markets, Matthew Long is looking for extensive international collaboration as a way to prevent any loopholes, which could harm financial security, from emerging.
He argued that this is particularly important when large movements of criminal capital are widely available due to unchecked online activity involving digital assets, an area that has seen young demographics lured into misguided investments fueled by reckless social media campaigns.