UK Financial Regulator FCA Takes Conservative Approach on Crypto Regulation

The United Kingdom’s Financial Conduct Authority ( ) is not in a rush to add digital currencies to the list of industries or markets that fall within its jurisdiction.

While all agencies are working to be in tune with the Chancellor Rishi Sunak’s plans to make the UK an attractive crypto hub, the FCA believes stakeholders in the industry have a lot of adjustments to make in order to make them fit to be governed, according to the Financial Times report.

Charles Randell, the head of the FCA, cautioned the market would become over-optimistic about regulating “purely speculative crypto tokens.” Randell made a reference that crypto service offering firms seeking approval or licensing have enormous work to do, a statement that implies the agency’s backing will not be handed down on a platter.