The UK’s Financial Conduct Authority (FCA) has published a speech entitled ‘Unstable coins: crypto-assets, financial regulation and preventing financial crime in the emerging market for digital assets’. It was delivered by Therese Chambers, Director of Retail and Regulatory Investigations at the FCA. She highlighted that:
Crypto-assets such as Bitcoin, present different financial crime risks from traditional FinTech apps, as they enable digital value transfer without a financial intermediary.
Money laundering using crypto-assets is a real danger, but the application of robust AML controls combined with international cooperation can help reduce the risk.
Robust regulation to prevent financial crime supports financial innovation in new markets such as crypto-assets.
The FCA’s AML regime for crypto-assets presents the FCA with unique supervisory and enforcement powers that are tailored to meet international standards.
