Home
News
Where global venture investment has seen growth of almost double on the other hand crypto firms in the UK feel uncertainty and lack confidence
On one hand where the UK is playing its crucial role in being a global leader in terms of developing financial technology regulation while an approach is being taken more cautiously with crypto while leading some prominent companies to head for the exit from the space. Head of Crypto UK Ian Taylor said that it’s too hard to change a large organization’s culture overnight but that’s what we might need for now to do at the FCA.
Since there are no clear regulations forthcoming from the Financial Conduct Authority which leads more than 100 companies who have not met the standards of AML or anti-money laundering procedure in hell of registration. Investigation regarding how blockchain technology could get used for making traditional financial market infrastructure updated that began last year only.
ALSO READ – Crypto used as a payment method to buy homes in Spain
The watchdog explained that when the authority decides that a firm does not meet the standards of registration then the agency gets clear with them that they might be going somewhere. The regulation of money laundering does not include provisions for firms to allow withdrawal of their applications. However in some of the cases, the authority might allow any firm to withdraw, stop operating, bring any changes that are necessary for following their feedback and then re-apply. Such firms that do not get withdrawn usually issued a formal decision that they are able to appeal which includes through the court.
As a result of which the companies involved in venture capital investments in the UK have contradicted global trends in quarter one of 2022 that fallen by 70 percent year on year to $176.3 million at the same time the rest of countries around the world have on an average surged by more than 200% in the same time period.
The Financial Conduct Authority became the observer of keeping eye on companies for counter terrorism and anti money laundering measured in 2020 that require crypto companies to operate in the UK for applying for registration. One of the largest crypto firms in the country, Blockchain.com recently went through a funding round that has seen it valued at around $14 billion. However the company has to go through a bumpy ride in order to try to receive an approval from FCA.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
