The U.K.’s FCA [Financial Conduct Authority] revealed that there are 111 unregistered crypto-asset firms operating within the country and that they pose a risk to the broader economic system, consistent with a Reuters report.
The FCA revealed since January when it had been appointed as AML [Anti-Money Laundering] and counter-terrorist financing supervisor of crypto-asset firms, it’s become compulsory for businesses to get full registration prior they can initiate trading.
“We have a variety of firms that are clearly doing business within the United Kingdom without being registered with us and that they are handling someone: banks, payment services firm, clients,” Mark Steward, the FCA’s head of enforcement and market oversight, outlined at an occasion organized by City & Financial, consistent with Reuters.
Steward added that the regulatory body cares about the unregistered crypto-related firms operating as they pose a “very real risk.”
Of the estimated almost 2.5 Mln Britons that hold crypto assets, several are new investors and not very intimate the associated risks, he explained.