The UK's public spending watchdog, the National Audit Office, said the Financial Conduct Authority (FCA) has been slow to take enforcement action, citing its dealings with cryptocurrency companies over the years.
“Even where something falls within the scope of the FCA, or has the capacity to act, the FCA can take years to implement any enforcement action,” the NAO said in a statement. Friday report .
The Financial Conduct Authority (FCA) has required cryptocurrency companies to register to comply with the country's anti-money laundering regulations since January 2020. Although it later began supervisory work, including cooperating with unregistered companies, it “has not begun to take action.” . ATM operators until February 2023.”
“The FCA has found that recruiting and retaining staff with cryptocurrency compliance skills is difficult due to competition between employers for people with these skills,” the report says.
The report also noted that the Financial Conduct Authority (FCA) dealt with 1,400 cases related to unregulated cryptocurrency activity between January 2020 and June 2023.
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