FCA admits it fails full regulatory oversight on the crypto market
The number of unlicensed crypto firms in the United Kingdom has continued to grow despite the role taken by the Financial Conduct Authority (FCA) to regulate the crypto sector. The FCA has licensed multiple crypto companies, the latest being Crypto.com. FCA says it has a limited role in crypto regulations The FCA has admitted that it does not have full oversight over the entire cryptocurrency sector. It further admitted that it lacks consumer protection powers to protect the rising number of investors in the sector. The FCA also said it had limited authority to register UK-based cryptocurrency exchanges under anti-money laundering (AML) regulations. It also explained that the temporary registration regime (TRR) was introduced to allow cryptocurrency companies trying to register to receive temporary trading permissions. Buy Crypto Now Your capital is at risk. Under the TRR, crypto firms could apply to register with the agency while continuing with their operations. Howev...