According to the Financial Times, Ashley Alder, the next chair of the UK’s Financial Conduct Authority, has called for stricter regulations on cryptocurrency platforms.
Alder reportedly made the comments during a speech to members of parliament, where he argued that such regulations are necessary because crypto companies are “deliberately evasive” and facilitate money laundering.
This comes after the FCA conducted anti-money laundering tests that disqualified 85% of the firms that applied.
It is expected that the UK Treasury will introduce regulations that protect consumers, limit foreign sellers, and restrict advertising for cryptocurrency products.
