• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
crypto

UK Regulator Justifies Tough Crypto Crackdown Amid Industry Pushback

Christian Encila
by Christian Encila
11 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The UK financial regulatory agency sticks to its decision to continue implementing stringent rules in the registration process of businesses involved in cryptocurrencies.

The Financial Conduct Authority (FCA) asserted that UK’s tough regulations on crypto firms serve as a deterrence to prevent these companies from becoming conduits for any money laundering activities.

Related Reading: Crypto Tax Reform On The Horizon? Japan’s Tamaki Pledges Change If Elected

Strict Rules Necessary

The FCA upheld the strict registration process under the Money Laundering Regulations (MLRs), stressing that the regulations are vital to safeguard the integrity of the UK’s financial system.

In a statement, Val Smith, head of payments and digital assets in FCA’s authorizations division, said that the standards will set the stage for a thriving, competitive cryptocurrency sector that protects the people and the financial markets’ integrity.

Smith defended the MLRs from critics who argue that the rigorous regulations may stunt the growth of the UK’s cryptocurrency sector.

Dealing With Money Laundering Seriously

Smith said that the regulatory office aims to keep crypto firms from being conduits of money laundering activities even if the consequence is a lower number of crypto businesses getting registered.

“We never turn applications down out of hand. But we treat the risk of firms being used for money laundering extremely seriously. Allowing illicit money to flow freely can destroy lives,” Smith said.

He added that the MLR requirements help tackle “real-world issues” such as organized crime, terrorism, and human trafficking.

Total crypto market cap currently at $2.2 trillion. Chart: TradingView

Maintaining Universal Standard

Smith explained that relaxing the government’s standards in crypto firm registration that creates “a race to the bottom” will not ensure the protection of the people and the markets, saying that “innovations built quickly on unsafe, unregulated and untrusted foundations” are like houses built on sand which will eventually collapse.

She said the regulator wants to closely collaborate with partners across government, industry, and other jurisdictions to develop a crypto sector that’s built on reliable, sturdy foundations.

“By doing this we can help enable safety, security, and sustainable growth for years to come.”

Image:  British Guild of Tourist Guides

She noted that an essential part of a competitive crypto sector is to set and maintain standards that people can trust.

“That’s why we hold all firms seeking registration, not just crypto firms, to strong and universal standards.”

The financial watchdog has been implementing MLRs since January 2020 which require companies involved in crypto-related activities to register their business with the FCA.

MLRs required these companies to conduct risk assessments. They also need to implement due diligence on their customers and assign a Money Laundering Reporting Officer.

Related Reading: Blockchain Takes Center Stage At 2024 Global Data Ecosystem Conference In Shanghai

UK Is Not Alone

Regulating cryptocurrency-related activities is not endemic to the UK. Other countries are also taking necessary measures on their crypto sectors.

A good example is the European Union. The regional bloc has crafted the Markets in Crypto-Assets Regulation (MiCAR), aiming to establish a single cryptocurrency market which ensures the protection of its consumers and market integrity.

Singapore and Switzerland, on the other hand, have become crypto-friendly hubs as well, after implementing policies that promote and nurture cryptocurrency startups.

Featured image from LAB51, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Bitcoin

Blockchain Earnings Take A Dip — 16% Drop In Just 1 Month: Report

13 hours ago
FTX

FTX’s Sam Bankman-Fried Calls Handing Firm Over To New CEO ‘His Biggest Mistake’ — Details

21 hours ago
crypto

Crypto Meets Retail: Walmart-Linked Fintech Expands Into Digital Assets

1 day ago
crypto, crypto exchange, Bitcoin, FTX

Crypto Oversight Concerns: State Regulators Warn Market Structure Bill May Hinder Anti-Fraud Protections

2 days ago
Japan

Crypto In Japan May Soon Open Wider As Holdings Giant Pushes Expansion

2 days ago
Grok Predicts Dogecoin Price: Is Maxi Doge the Next 1000x Crypto to Explode?

Grok Predicts Dogecoin Price: Is Maxi Doge the Next 1000x Crypto to Explode?

2 days ago

Premium Sponsors

Press Releases

  • The Quiet Market Shift Investors Might Be Missing: How Tapzi Is Challenging Institutional Favorites

    The Quiet Market Shift Investors Might Be Missing: How...

    3 days ago
  • Investors Search for Long-Term Upside in This Under-$0.01 Crypto of 2025 Tapzi

    Investors Search for Long-Term Upside in This Under-$0.01...

    3 days ago
  • MoonBull Presale Explodes with over 11,800% Projected ROI as Uptober Sends the Market Soaring

    MoonBull Presale Explodes with over 11,800% Projected ROI...

    3 days ago
  • 狗狗幣引領『Uptober』Meme...

    3 days ago
  • ตัวละคร Snorter ขนฟูโต้คลื่นบนเซิร์ฟบอร์ดสีชมพู

    จับตา Uptober!...

    4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.