Friday March 25 2022

News Source: Fund Regulation

Focus: Crypto

Type: General

Country: UK




 The FCA have issued a reminder to all regulated firms of their existing obligations when they are interacting with or exposed to cryptoassets and related services.

While cryptoassets and their underlying technologies can offer benefits to financial services firms e.g., reduce costs and increase efficiencies, they also present risks to market integrity and consumers, particularly when used as a speculative investment. This is additional to significant risks in relation to financial crime and money laundering.

The FCA have set out the following areas of risk that firms need to consider:

  • Being clear with customers
  • Financial Crime and registration of cryptoasset business
  • Having appropriate systems and controls in place
  • Assessing the risks
  • Prudential considerations
  • Custody considerations
  • Domestic and international engagement

Click on the above link for further information.