FCA too slow on crypto enforcement, says UK's spending watchdog
The UK ’s National Audit Office ( NAO ) has accused the country’s Financial Conduct Authority ( FCA ) of enforcing crypto laws too slowly and said that a shortage of crypto -savvy staff has caused delays in registering crypto firms. That’s according to today’s report published by the NAO, a non-government entity tasked with scrutinizing public spending. It claims crypto-assets may be a key area of uncertainty capable of hindering the FCA’s ability as a regulator. In its key findings, the report states “there can be a significant delay between the FCA identifying an issue to tackle, and it taking regulatory action.” It cited the FCA’s slow approach to cracking down on illegal crypto ATMS. “While the FCA has required crypto-asset firms to comply with anti-money laundering regulations since January 2020, and began supervision work including engaging with unregistered firms, it did not begin taking enforcement action against illegal operators of crypto ATMs until Feb...