The UK National Audit Office (NAO) has expressed concerns about the effectiveness of the Financial Conduct Authority's (FCA) regulation of the cryptocurrency industry.
In a recent report titled "Financial Services Regulation: Adapting to Change," the NAO claims that the FCA's response to illicit activities in the cryptocurrency industry has been not only slow but also delayed in action.
The NAO emphasizes that it took FCA nearly three years to take action against illegal operators of cryptocurrency ATMs. On July 11, as part of a coordinated investigation, the FCA shut down 26 cryptocurrency ATMs, as reported by Cointelegraph. Meanwhile, the NAO points out that:
According to the NAO, the delay in registering cryptocurrency companies applying for regulatory approval with the FCA is due to a lack of specialized cryptocurrency personnel.
The report states: "For example, a shortage of talent with skills in the virtual currency field directly means that the time it takes to register a crypto asset company under existing FCA anti-money laundering regulations is longer than planned."
On January 27, Cointelegraph reported that since the implementation of regulatory rules in January 2020, out of 300 cryptocurrency companies seeking regulatory approval, the FCA has only approved 41.
Previously, the FCA recently released regulatory guidance materials to help cryptocurrency companies better understand the newly effective rules for cryptocurrency promotions.
On November 2, Cointelegraph reported that the FCA issued a "finalized non-handbook guidance" to comply with the new rules. The new rules specifically involve guidelines on how the FCA allows cryptocurrency companies to promote to customers.
The FCA also outlined some issues, such as cryptocurrency companies claiming that using cryptocurrency is easy without emphasizing the risks, and some risk warnings being in small print and not prominent enough.
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