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The Financial Conduct Authority (FCA), aka UKâs Financial Watchdog, has taken yet another initiative to crackdown on illegal crypto activities in the area. The latest development in UKâs crypto crackdown saw the FCA recruit a team of Bitcoin Experts to further train its employees on matters of identifying financial crimes using crypto.
The regulatorâs budget amounts to an extraordinary ÂŁ500,000, to hire the Bitcoin Experts for consultancy, who will facilitate access to a blockchain analytics platform and train the staff on filtering out crypto crimes like, Money laundering and terrorist rackets. According to an exclusive update on the governmentâs website, the financial watchdog ârequires access to specialist services to support the analysis of crypto-asset blockchain data.â
UK Watchdogâs crackdown on Crypto Ads
This is not the first time that the UK regulatorsâ are willingly spending a fortune on cracking down crypto in its territory. Earlier this year, during the month of July, the FCA had declared the launch of its digital marketing campaign worth ÂŁ11m, aimed solely at warning the younger investors in the crypto community of the risks in the crypto market.
According to the chief executive officer, Nikhil Rathiâs speech at the âFCAâs Our Role and Business Plan webinarâ, the regulatory authority of the UK had dire concerns regarding the rapid hike in the number of younger investors indulging in the volatile market of cryptocurrencies. Rathi asserted that as the use of technology to promote investments has shot through the roof, the authorities are now in grave need to implement an adequate set of regulations and precautions to ensure consumer protection.
âWhen technology is used to promote new investments to consumers, it is essential that the right controls are in place. Weâve seen an explosion among younger people speculating on cryptocurrencies or other high-risk investments. In the last year, we published research that found nearly 2.5 million people in the UK had bought crypto assets.â, Rathi said according to the Draft of the speech.
The post UK Watchdog recruits Bitcoin Experts to escalate Crypto Crackdown appeared first on Coingape.
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