Crypto NewsNewsUK Government Publishes New Cryptocurrency Report - Here Are The Details

UK Government Publishes New Cryptocurrency Report – Here Are The Details

The financial arm of the UK Government announced their interventions in the cryptocurrency sector in its report published today.

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A new report published by the UK government's financial arm has revealed that cryptocurrency companies, along with retail banking, wholesale banking and asset management, are among the top money laundering risks between 2022 and 2023.

The report's conclusions were drawn from risk assessments carried out on 238 firms by the Financial Conduct Authority (FCA). The FCA, a financial regulator in the United Kingdom, has been trying to get crypto firms to register with it and comply with money laundering rules since 2020.

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According to the report, the United Kingdom is making intense efforts to suppress cryptocurrency-related crimes. In October 2022, UK police announced that they were deploying crypto tactical advisors across the country to assist in the seizure of digital assets linked to criminal activity. The National Police Chiefs' Council reported that they managed to seize hundreds of millions worth of crypto from crimes.

Data from the newly published report showed that between 2022 and 2023 the FCA had 52 full-time financial crime specialist staff dedicated to anti-money laundering supervision. Of these, 15 were focused on regulating crypto businesses.

*This is not investment advice.



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