UK regulators are upping pressure on regulated payments businesses that incorporate unregulated crypto-assets into their product offering — but industry groups believe that distinction is not yet clear cut.
The Financial Conduct Authority’s (FCA) head of payments said earlier this month that the regulator is being forced to pay closer attention to the growing use of cryptocurrencies among payment and e-money institutions.
“When we look at our payments firms, many of them have what we call hybrid business models,” said Maha El Dimachki.
“What that means is part of your business is a regulated activity, regulated by the FCA for illustrative purposes, and another part that’s not.
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