UK crypto firms are growing increasingly weary of dealing with the country’s Financial Conduct Authority (FCA) and its complex rules. That’s according to a survey out today from SmartSearch, seen by BeInCrypto.
The research, conducted by Censuswide between May 26 and July 2, 2023, involved 500 industry compliance decision-makers. Over a quarter of the respondents question the FCA’s involvement in crypto products. Three-quarters have faced challenges with their FCA registration, and 37% have felt the need for additional guidance during the process.
The FCA Has Cracked Down on UK Crypto ATMs
Interestingly, over-the-counter (OTC) traders showed more openness to the FCA’s involvement compared to crypto exchanges. Is the FCA painting with too broad a brush? Trying to ram square pegs into round holes?
The FCA is the regulator of financial services and markets in the UK. Currently, businesses operating as exchanges, crypto ATM firms, and custodial service providers for crypto-assets are all required to register if they intend to operate in the UK. Not unlike regimes in many other countries.
However, the FCA and has a mixed history and reputation in the crypto industry, choosing to act ruthlessly some areas. For example, the regulator has taken a hardline stance on crypto ATMs in the country, authorizing raids on numerous businesses hosting the machines.
As of this writing, only six crypto ATMs are active in the country, with authorities linking them to money laundering operations.
Learn more about the pros and cons of regulating digital assets: Crypto Regulation: What Are the Benefits and Drawbacks?
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Author: Josh Adams
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