UK FCA draws criticism for slow encryption enforcement and unprofessional staffing

The UK’s National Audit Office (NAO) has criticized the country’s Financial Conduct Authority (FCA) for its slow approach to crypto regulation and the lack of staff with cryptocurrency expertise. A recent report from the NAO, the independent body responsible for scrutinizing public spending, highlighted the potential impact of crypto-assets as an area of ​​uncertainty that could hamper the FCA’s regulatory effectiveness. Although the FCA forced digital asset companies to comply with anti-money laundering regulations in January 2020 and began to deal with unregistered companies, it took until February 2023 to take enforcement action against illegal operators of crypto ATMs. This has raised concerns about the FCA’s ability to effectively address risks within the crypto industry. (Bitcoinist)