cryptojournalist
The Financial Conduct Authority (FCA) in the UK is firm on its strict crypto regulations, with Val Smith, head of payments and digital assets, emphasizing that these rules are critical to protecting both consumers and financial markets. She explained that these standards are designed to ensure the crypto industry can grow safely and sustainably.
Smith acknowledged that some believe the UK’s strict crypto rules could slow innovation, but she firmly disagrees. “Relaxing our standards won’t keep people or markets safe,” she said, comparing weak regulations to building on shaky ground. According to her, strong foundations are necessary for long-term success.
To create a stable crypto environment, Smith advocates for collaboration with other governments, industries, and jurisdictions. By working together, they can ensure that innovation is built on a solid, secure base that benefits everyone.
Smith expects continued scrutiny of the UK’s crypto regulations, but she reaffirmed the FCA’s commitment to consumer protection. The goal is to support firms that meet the required standards while rejecting those that pose risks. “We’ll continue to weed out those that can cause harm,” she said, stressing that tough regulations are essential for a secure and competitive crypto sector in the UK.
