Letters: FCA takes on crypto criminals
[Re: Revolut wins full crypto authorisation from City regulator, 27 Sept]
It’s no surprise that the FCA has previously clashed with the crypto industry. Whilst the above is good news for Revolut, the implications on the wider industry are concerning.
The FCA are right to move their focus to controls against money laundering when assessing Revolut’s crypto business in the UK – but it can’t stop there. Regulators are still playing catch up when it comes to monitoring the illicit earnings of criminal organisations.
Given the continued rise of money laundering in cryptocurrency, the FCA’s assessment must demand effective regulation of digital assets.
Only through the combined efforts of regulators and firms like Revolut enacting strong risk assessment measures, will the cryptocurrency market mature to the point where it can’t be used as a means to criminal ends.
Edel Brophy
Director of regulatory compliance, Fenergo