Peter Smith, CEO of Blockchain.com, told The Telegraph that the Financial Conduct Authority (FCA) - a UK financial regulator whose goal is to protect consumers, competition and financial markets - has adopted a "first approach to risk management ”which comes“ at the expense of innovation ”. “I think the UK has definitely fallen behind over the past two or three years. FCA has not been keen enough to promote innovation and work with industry recently, "he said. Smith commended regulators in Ireland and Germany for creating frameworks and licenses that allow companies to operate more efficiently. Blockchain.com is reportedly looking to raise funds valuing the company at $ 20 billion. Last March, it was valued at just $ 5.2 billion. The company is best known for its open source, non-custodial wallet that allows users to buy, sell, and store cryptocurrency. The company claims to have over 76 million users and has processed over a trillion dollars in transactions, equivalent to one-third of all bitcoin spending. The FCA has launched a series of crackdowns over the past 12 months, requiring cryptocurrency brokers to join a registry and agreeing to meet stringent anti-money laundering (AML) requirements.
Nearly 100 cryptocurrency companies are still pending approval to operate in the UK and have until March 31 for a decision. Otherwise, they could be forced offshore. Only six have gained full approval so far. More than half of the 152 companies that applied were rejected or forced to withdraw. Of the number, 27 operate with temporary authorization and 69 have pending applications. Among the undecided candidates are big names like challenger bank Revolut, which has managed to get EU AML approval, but not yet at home. Peter Smith is the latest figure in the industry to question the UK's commitment to cryptocurrency adoption. Philip Hammond, the country's former finance minister, recently warned that the UK was "manifestly behind the curve" when it came to clear cryptocurrency regulation. He added that UK policy makers must move "from talking about digital assets to implementing a legal framework that allows companies to embrace them." More than 2.3 million people in the UK already own cryptocurrency, according to the FCA.
This opinion starts from a vision of "heaven on earth" already dear to Karl Marx and which has had obvious denials. Of course, for the writer, crypto-currency can be "Heaven" without considering how many other condemnations to hell. FCA does very well to be cautious, perhaps waiting for a CBDC crypto-currency like the one we offer. Safe without block-chain and at zero energy costs.