Nick Bayley Featured in International Investment: FCA Moves Towards Crypto Regulation

Nick Bayley, Managing Director in the Compliance and Regulatory Consulting practice at Duff & Phelps, spoke with International Investment about the Financial Conduct Authority’s (FCA) move to define which cryptoassets it will be responsible for regulating amid calls for increased consumer protection.

"The FCA is being understandably cautious about giving any form of regulatory endorsement to crypto-assets and points out some of the harm that has arisen from them, such as the high percentage of ICOs that have turned out to be scams and the significant amount of theft from crypto-exchanges….Many technology firms in the crypto space are looking for the regulatory stamp of approval but the FCA's consultation makes it clear that there are no short cuts to being regulated in the UK, simply because the technology being used is innovative and different. The FCA repeats that it is "technology neutral" in terms of how it looks at the regulatory perimeter and the requirement for authorization…the potential for disruption and disintermediation that arises from DLT and crypto-assets is plain but the FCA, as the regulator of one of the most important financial services markets in the world, is not going to throw open its doors to these new technologies at the expense of UK consumers being harmed or UK markets being disrupted," Nick said.

Read the full article in International Investment

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