Letters: FCA takes on cybercriminals

Wednesday 05 October 2022 05h00

Revolut got FCA green light to provide crypto services after months on temporary ledger

[Re: Revolut wins full crypto authorisation from City regulator, 27 Sept]

It’s no surprise that the FCA has clashed with the crypto industry before. While the above is good news for Revolut, the implications for the wider industry are concerning.

The FCA is right to focus on anti-money laundering controls when assessing Revolut’s UK crypto business – but it can’t stop there. Regulators are still playing catch-up when it comes to monitoring illicit income from criminal organizations.

Given the continued increase in money laundering in cryptocurrencies, the FCA’s assessment must demand effective regulation of digital assets.

It is only through the combined efforts of regulators and companies like Revolut adopting strong risk assessment measures that the cryptocurrency market will mature to the point where it can no longer be used for criminal purposes.

Edel Brophy

Director of Regulatory Compliance, Fenergo

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