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UK Regulator Adapts Financial Rules for Crypto Firms, Prioritizes Cybersecurity
UK Regulator Adapts Financial Rules for Crypto Firms, Prioritizes Cybersecurity
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BTCCSquare news:
The Financial Conduct Authority (FCA) is reshaping its oversight of cryptocurrency businesses, opting for tailored regulations rather than applying traditional financial rules wholesale. David Geale, the FCA’s executive director for payments and digital finance, emphasized the need for a flexible framework that acknowledges the distinct nature of blockchain and crypto markets.
While banks face stringent requirements on integrity and customer treatment, crypto firms may see relaxed rules in areas like senior management accountability and operational controls. The regulator aims to strike a balance between fostering innovation and safeguarding investors, with heightened scrutiny on cybersecurity risks.
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