UK: Regulators plan “Comprehensive Response” to crypto use

Christopher Woolard of the UK’s Financial Conduct Authority (FCA) has indicated that UK regulators are planning a “comprehensive response” to the illicit adoption of crypto assets amid increased adoption among local businesses and consumers.

In response to the dramatic increase of crypto adoption in recent years, Woolard stated that the FCA has sought to facilitate collaboration between itself and Her Majesty’s Treasury (HMT) and the Bank of England to examine the impact of cryptocurrencies and distributed ledger technology with regard to “consumers […] market integrity, and the risk of financial crime.”.

Woolard stated, “The FCA, HM Treasury and the Bank of England are each taking a number of steps over the coming months to address these harms and to encourage future beneficial innovation.”

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