UK Regulator Chief Advocates for a Balanced Approach to Crypto
Cryptovest
Published Sep 12, 2018 02:20PM ET
Updated Sep 12, 2018 03:41PM ET
UK Regulator Chief Advocates for a Balanced Approach to Crypto
The roles of cryptoassets should not be ruled out, according to the UK’s Financial Conduct Authority (FCA) chief executive Andrew Bailey.
During a speech at the FCA Annual Public Meeting, the FCA chief outlined four operational risks that have been noted by the regulator, such as the impact of ‘technological change and innovation’, and referenced cryptocurrencies as an example of such innovation. However, Bailey defended the role of new technologies in financial services and advocated for a balanced approach to innovation.
“The second area is the impact of technological change and innovation,” said Bailey in his speech. “As I said earlier, the FCA is firmly a supporter of innovation, but we must balance this against the threats that come from some forms of innovation and the new issues they can pose...
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