The head of the Financial Conduct Authority’s (FCA) innovation unit has urged the UK cryptocurrency sector to raise its standards on fraud and crime, in response to criticisms over its delay in regulating the technology.
Speaking at the Innovate Finance Global Summit in London, Anna Wallace said on Tuesday that there are several recognised issues associated with crypto-asset markets that companies seeking mainstream acceptance should be working to address.
“There needs to be an improvement in standards, and that’s not something that can come from regulation — it has to come from the industry itself,” she said.
“There are some really key things, like fraud and scams, that need to be tackled by the industry.”
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