Ashley Alder, the next chair of the UK’s Financial Conduct Authority, has called for stricter regulations on cryptocurrency platforms, according to the Financial Times.
Alder reportedly made the remarks during a speech to members of parliament, arguing that such regulations are required because cryptocurrency companies are “deliberately evasive” and facilitate money laundering.
In addition, this follows the FCA’s anti-money laundering tests, which disqualified 85% of the firms that applied.
The UK Treasury is expected to introduce regulations to protect consumers, limit foreign sellers, and limit advertising for cryptocurrency products.
