With US authorities cracking down, the UK government hopes to create a “Goldilocks zone” of regulation.
The Sunak government’s desire to attract crypto could give impetus to attempts to build a more comprehensive regime for the industry. But it could also create competing incentives. Critics of the government’s approach say they fear that expediting regulations and giving the crypto industry too much room to maneuver could lead to decisions that expose consumers to risks, or end up undermining long-running attempts to prevent financial crimes, such as money laundering and terrorist financing.
The UK capital—described sneeringly as “Londongrad” or “Moscow-on-Thames" for its past willingness to host money from Russia and other pariah states—already has an unsavory reputation as a venue for money laundering and other financial crime, says Stephen Diehl, a crypto-skeptic commentator. Inviting crypto into the fold would only give its critics more ammunition. “I don’t think the predominant view is that we want to become a dark money laundromat,” he says.
Because the UK’s ability to attract crypto businesses to its shores hinges on the tenor of its eventual regulatory regime, there is concern the FCA may come under political pressure to relax its stance as it develops a rulebook. For as long as there are few specific rules in the UK and political promises continue to be vague, that fear will remain amorphous and unspecific. It’s unclear whether crypto firms might be afforded more lenient reporting requirements, for example, or be allowed to offer riskier financial products, such as, or be free to cut corners when storing customers’ crypto.
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