The UK's FCA Says It Has Been Focused on the More Negative Side of the Crypto Debate

The financial regulator tended to key in on the risks crypto present for financial stability, said the co-director of consumer and retail policy.

AccessTimeIconApr 27, 2022 at 9:33 p.m. UTC
Updated May 11, 2023 at 6:16 p.m. UTC
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The U.K's Financial Conduct Authority’s concern in the past about consumer protections in the crypto space has put it at odds with the Treasury’s ambitions of the country being a crypto hub, an FCA official said on Wednesday.

Speaking at the FT Digital Asset Summit, David Raw, FCA co-director of consumer and retail policy, said that while the U.K. Treasury was enamored with “the exciting opportunities" of attracting crypto firms, his agency was focused on the risks. "I think perhaps traditionally or perhaps a little too much the FCA has been on the other side," he said. "Anything about corporate risks and market integrity risks to financial stability risks."

"I think what we need to do [is] develop a balanced regulatory approach," Raw added.

The U.K. Treasury recently announced it wants the country to be a crypto hub, and promised the release of a policy package with the help of the FCA, the Bank of England and the Payments Systems Regulator.

The U.K.'s crypto sector is booming and, in terms of crypto job advertisements, ranks second after the U.S., according to a 2022 report based on data from job site Glassdoor. As of March 10, there were 954 jobs advertised in the crypto field in the U.K., while the U.S. had 3,893 jobs for hire in that sector.

The FCA in May is hosting a two-day CryptoSprint with digital asset companies and experts to better explore a regulatory framework for the sector.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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