{"id":7569,"date":"2022-10-02T16:15:47","date_gmt":"2022-10-02T16:15:47","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7569"},"modified":"2022-10-02T16:15:48","modified_gmt":"2022-10-02T16:15:48","slug":"uk-regulator-crypto-firms-undeterred-by-strict-regulation-they-know-we-have-a-good-system","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7569","title":{"rendered":"UK Regulator: Crypto Firms Undeterred by Strict Regulation \u2014 &#8216;They Know We Have a Good System&#8217;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The Financial Conduct Authority (FCA), Britain\u2019s top financial regulator, has revealed that many crypto firms are still seeking licenses to operate in the U.K. despite failing to meet regulatory requirements the first time. \u201cThey know we have a good system of regulation and if they meet our standards that\u2019s important for every jurisdiction that they seek to apply for around the world,\u201d said the regulator.<\/strong><\/p>\n<h2>FCA on Crypto Regulation<\/h2>\n<p>Financial Conduct Authority (FCA) executive director for competition and consumers, Sheldon Mills, talked about cryptocurrency regulation at a City &amp; Financial conference Thursday.<\/p>\n<p>British lawmakers and the crypto industry have criticized the country\u2019s top financial regulator for being slow in processing license applications and for rejecting many applicants despite the government previously stating that it wants to make the U.K. a global hub for crypto assets.<\/p>\n<p>Mills explained that crypto companies are not deterred by strict licensing requirements, noting that many of them are reapplying for a license to operate in the U.K. even after being rejected the first time. \u201cIt\u2019s no surprise that I still see many crypto firms still seeking to get licenses here in the U.K. even though some have been denied those licenses at the first pass,\u201d she said, elaborating:<\/p>\n<p>They know we have a good system of regulation and if they meet our standards that\u2019s important for every jurisdiction that they seek to apply for around the world.<\/p>\n<p>\u201cThat is a benefit to the U.K. economy and U.K. financial service industry, and is good for competition, inward investment, and growth,\u201d Mills added, noting that 95 people have been hired to join the FCA\u2019s licensing team and the number of pending applications has fallen by 40%.<\/p>\n<p>The FCA previously said that 90% of crypto firms seeking a license to operate in the U.K. have either withdrawn their applications or been refused because they could not meet the standards.<\/p>\n<p>Mills emphasized:<\/p>\n<p>Over time, we expect faster, better decisions will support us in bringing down the costs of the regulatory system.<\/p>\n<p>Crypto regulation may be undergoing changes in the U.K. under the new prime minister, Liz Truss. Several key officials who previously worked on the country\u2019s crypto policy resigned from government before she took office, including Former Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen.<\/p>\n<p>The British government introduced the Economic Crime and Corporate Transparency Bill in the House of Commons last week. It \u201caims to strengthen the U.K.\u2019s fight against economic crime,\u201d the government detailed. In May, the U.K. government outlined its plans to support crypto adoption and confirmed its commitment to regulate stablecoins.<\/p>\n<p><em><strong>What do you think about the comments by the FCA executive director about crypto regulation? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/uk-regulator-crypto-firms-undeterred-by-strict-regulation-they-know-we-have-a-good-system\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Conduct Authority (FCA), Britain\u2019s top financial regulator, has revealed that many crypto firms are still seeking licenses to operate in the U.K. despite failing to meet regulatory requirements the first time. \u201cThey know we have a good system of regulation and if they meet our standards that\u2019s important for every jurisdiction that they [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-7569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7569"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7569\/revisions"}],"predecessor-version":[{"id":7571,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7569\/revisions\/7571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7570"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}