Around 85% of crypto-asset firms who applied to the UK Financial Conduct Authority (FCA) were unable to demonstrate they met the minimum standards required for registration under its anti-money laundering and counter-terrorist financing regime.
The statistic was revealed in new correspondence published today by the UK Treasury Committee, in response to questions asked during an oral evidence session with senior individuals from the FCA, as part of the Committee’s inquiry into the crypto-asset industry.
The FCA found that key personnel lacked the appropriate knowledge, skills and experience to carry out their roles and control…
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