The FCA defended its rigorous crypto regulations, countering claims that its high standards stifle innovation and hinder UK global financial leadership.
The United Kingdom’s Financial Conduct Authority (FCA) defended its approach to regulating the crypto industry, responding to criticism that its measures are “too tough” and risk stifling innovation.
In an Oct. 21 post on its website, Val Smith, the head of payments and digital assets in the FCA’s authorizations division, it emphasized the importance of maintaining rigorous standards to protect consumers and preserve the integrity of financial markets.
Smith wrote that innovations quickly built on “unsafe, unregulated and untrusted foundations” will likely collapse.
