UK Financial Conduct Authority: “Overly Strict” Approach to Cryptocurrency Firm Registration Is Critical

Odaily News The UK Financial Conduct Authority (FCA) has defended its "overly strict" approach to registering cryptocurrency companies, saying strong standards are essential to building a sustainable and trustworthy digital asset industry. Val Smith, head of payments and digital assets at the FCA's licensing division, warned: "Innovation built quickly on an unsafe, unregulated and untrusted foundation is like a house built on sand, which is likely to collapse. Instead, we want to work closely with partners in government, industry and other jurisdictions to develop a crypto industry built on reliable, solid foundations." In addition, Smith also mentioned concerns about terrorism, organized crime, sanctions evasion and human trafficking. (Finance Magnates)