Next UK Regulator Wants To Strict The Crypto Regulations

The Financial Times was the first to report that Ashley Alder, who will be the next head of the Financial Conduct Authority in the UK, was harsh on crypto platforms when he spoke to members of parliament.

Alder said at a cross-party Treasury select committee that crypto “should be regulated more” and that crypto company are “deliberately evasive” and “a way that money laundering happens on a large scale.”

At a banking summit, FCA chief executive Nikhil Rath said that 85% of firms that applied for anti-money laundering tests were turned down. This is why Alder is upset.

Expected Regulations from the UK Treasury will protect consumers, put limits on foreign sellers, limit product advertising, and have provisions for when businesses fail.