• bitcoinBitcoin(BTC)$118,978.001.56%
  • ethereumEthereum(ETH)$3,754.230.66%
  • rippleXRP(XRP)$3.500.04%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$792.473.97%
  • solanaSolana(SOL)$202.430.17%
  • usd-coinUSDC(USDC)$1.000.00%
  • dogecoinDogecoin(DOGE)$0.265176-0.55%
  • staked-etherLido Staked Ether(STETH)$3,739.010.63%
  • cardanoCardano(ADA)$0.88-0.10%
  • tronTRON(TRX)$0.3168561.83%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$119,057.001.91%
  • HyperliquidHyperliquid(HYPE)$45.523.06%
  • stellarStellar(XLM)$0.4692191.21%
  • Wrapped stETHWrapped stETH(WSTETH)$4,500.71-0.47%
  • suiSui(SUI)$3.960.04%
  • wrapped-beacon-ethWrapped Beacon ETH(WBETH)$4,016.960.22%
  • hedera-hashgraphHedera(HBAR)$0.2712321.13%
  • avalanche-2Avalanche(AVAX)$25.67-0.79%
  • Wrapped eETHWrapped eETH(WEETH)$4,012.260.69%
  • bitcoin-cashBitcoin Cash(BCH)$527.061.62%
  • litecoinLitecoin(LTC)$120.724.52%
  • shiba-inuShiba Inu(SHIB)$0.000015-0.31%
  • leo-tokenLEO Token(LEO)$8.99-0.04%
  • WETHWETH(WETH)$3,754.720.69%
  • the-open-networkToncoin(TON)$3.290.13%
  • USDSUSDS(USDS)$1.00-0.02%
  • polkadotPolkadot(DOT)$4.491.51%
  • Binance Bridged USDT (BNB Smart Chain)Binance Bridged USDT (BNB Smart Chain)(BSC-USD)$1.00-0.16%
  • Ethena USDeEthena USDe(USDE)$1.000.04%
  • Coinbase Wrapped BTCCoinbase Wrapped BTC(CBBTC)$118,947.001.45%
  • uniswapUniswap(UNI)$10.740.53%
  • whitebitWhiteBIT Coin(WBT)$44.590.82%
  • moneroMonero(XMR)$324.512.43%
  • pepePepe(PEPE)$0.000014-1.66%
  • bitget-tokenBitget Token(BGB)$4.82-0.76%
  • aaveAave(AAVE)$307.83-2.77%
  • BittensorBittensor(TAO)$446.050.21%
  • crypto-com-chainCronos(CRO)$0.1276894.85%
  • Ethena Staked USDeEthena Staked USDe(SUSDE)$1.180.04%
  • daiDai(DAI)$1.000.00%
  • nearNEAR Protocol(NEAR)$3.000.90%
  • ethereum-classicEthereum Classic(ETC)$24.202.80%
  • Pi NetworkPi Network(PI)$0.475180-3.93%
  • aptosAptos(APT)$5.421.14%
  • OndoOndo(ONDO)$1.113.62%
  • Jito Staked SOLJito Staked SOL(JITOSOL)$246.090.57%
  • internet-computerInternet Computer(ICP)$6.030.80%
  • EthenaEthena(ENA)$0.488513-5.81%
  • kaspaKaspa(KAS)$0.1141190.82%
  • okbOKB(OKB)$49.642.33%
  • bonkBonk(BONK)$0.0000376.48%
  • Pudgy PenguinsPudgy Penguins(PENGU)$0.04491522.06%
  • mantleMantle(MNT)$0.834.24%
  • algorandAlgorand(ALGO)$0.291426-0.56%
  • arbitrumArbitrum(ARB)$0.4738190.15%
  • BlackRock USD Institutional Digital Liquidity FundBlackRock USD Institutional Digital Liquidity Fund(BUIDL)$1.000.00%
  • worldcoin-wldWorldcoin(WLD)$1.3510.07%
  • vechainVeChain(VET)$0.027641-0.62%
  • render-tokenRender(RENDER)$4.530.33%
  • cosmosCosmos Hub(ATOM)$5.07-0.85%
  • Binance-Peg WETHBinance-Peg WETH(WETH)$3,738.43-0.06%
  • polygon-ecosystem-tokenPOL (ex-MATIC)(POL)$0.250247-0.68%
  • USD1USD1(USD1)$1.00-0.06%
  • Official TrumpOfficial Trump(TRUMP)$11.000.05%
  • gatechain-tokenGate(GT)$18.223.43%
  • fetch-aiArtificial Superintelligence Alliance(FET)$0.80-3.11%
  • sei-networkSei(SEI)$0.3495951.10%
  • Binance Staked SOLBinance Staked SOL(BNSOL)$215.470.79%
  • filecoinFilecoin(FIL)$2.901.15%
  • fasttokenFasttoken(FTN)$4.49-0.45%
  • quant-networkQuant(QNT)$131.141.26%
  • SPX6900SPX6900(SPX)$2.037.04%
  • JupiterJupiter(JUP)$0.62-3.84%
  • SkySky(SKY)$0.086226-2.30%
  • sUSDSsUSDS(SUSDS)$1.060.01%
  • Kelp DAO Restaked ETHKelp DAO Restaked ETH(RSETH)$3,919.320.55%
  • rocket-pool-ethRocket Pool ETH(RETH)$4,266.730.96%
  • flare-networksFlare(FLR)$0.02440514.73%
  • Lombard Staked BTCLombard Staked BTC(LBTC)$119,210.001.76%
  • FartcoinFartcoin(FARTCOIN)$1.672.47%
  • Jupiter Perpetuals Liquidity Provider TokenJupiter Perpetuals Liquidity Provider Token(JLP)$5.220.44%
  • CelestiaCelestia(TIA)$2.170.09%
  • xdce-crowd-saleXDC Network(XDC)$0.0952580.32%
  • kucoin-sharesKuCoin(KCS)$12.08-0.95%
  • StoryStory(IP)$5.035.08%
  • injective-protocolInjective(INJ)$14.96-0.08%
  • USDtbUSDtb(USDTB)$1.000.08%
  • flokiFLOKI(FLOKI)$0.0001505.52%
  • first-digital-usdFirst Digital USD(FDUSD)$1.000.30%
  • StakeWise Staked ETHStakeWise Staked ETH(OSETH)$3,946.881.63%
  • blockstackStacks(STX)$0.882.20%
  • Mantle Staked EtherMantle Staked Ether(METH)$4,006.810.21%
  • curve-dao-tokenCurve DAO(CRV)$1.013.45%
  • optimismOptimism(OP)$0.790.84%
  • USDT0USDT0(USDT0)$1.000.07%
  • Liquid Staked ETHLiquid Staked ETH(LSETH)$4,047.310.48%
  • nexoNEXO(NEXO)$1.341.04%
  • Pump.funPump.fun(PUMP)$0.003726-3.54%
  • bitcoinBitcoin(BTC)$118,978.001.56%
  • ethereumEthereum(ETH)$3,754.230.66%
  • rippleXRP(XRP)$3.500.04%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$792.473.97%
  • solanaSolana(SOL)$202.430.17%
  • usd-coinUSDC(USDC)$1.000.00%
  • dogecoinDogecoin(DOGE)$0.265176-0.55%
  • staked-etherLido Staked Ether(STETH)$3,739.010.63%
  • cardanoCardano(ADA)$0.88-0.10%
  • tronTRON(TRX)$0.3168561.83%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$119,057.001.91%
  • HyperliquidHyperliquid(HYPE)$45.523.06%
  • stellarStellar(XLM)$0.4692191.21%
  • Wrapped stETHWrapped stETH(WSTETH)$4,500.71-0.47%
  • suiSui(SUI)$3.960.04%
  • wrapped-beacon-ethWrapped Beacon ETH(WBETH)$4,016.960.22%
  • hedera-hashgraphHedera(HBAR)$0.2712321.13%
  • avalanche-2Avalanche(AVAX)$25.67-0.79%
  • Wrapped eETHWrapped eETH(WEETH)$4,012.260.69%
  • bitcoin-cashBitcoin Cash(BCH)$527.061.62%
  • litecoinLitecoin(LTC)$120.724.52%
  • shiba-inuShiba Inu(SHIB)$0.000015-0.31%
  • leo-tokenLEO Token(LEO)$8.99-0.04%
  • WETHWETH(WETH)$3,754.720.69%
  • the-open-networkToncoin(TON)$3.290.13%
  • USDSUSDS(USDS)$1.00-0.02%
  • polkadotPolkadot(DOT)$4.491.51%
  • Binance Bridged USDT (BNB Smart Chain)Binance Bridged USDT (BNB Smart Chain)(BSC-USD)$1.00-0.16%
  • Ethena USDeEthena USDe(USDE)$1.000.04%
  • Coinbase Wrapped BTCCoinbase Wrapped BTC(CBBTC)$118,947.001.45%
  • uniswapUniswap(UNI)$10.740.53%
  • whitebitWhiteBIT Coin(WBT)$44.590.82%
  • moneroMonero(XMR)$324.512.43%
  • pepePepe(PEPE)$0.000014-1.66%
  • bitget-tokenBitget Token(BGB)$4.82-0.76%
  • aaveAave(AAVE)$307.83-2.77%
  • BittensorBittensor(TAO)$446.050.21%
  • crypto-com-chainCronos(CRO)$0.1276894.85%
  • Ethena Staked USDeEthena Staked USDe(SUSDE)$1.180.04%
  • daiDai(DAI)$1.000.00%
  • nearNEAR Protocol(NEAR)$3.000.90%
  • ethereum-classicEthereum Classic(ETC)$24.202.80%
  • Pi NetworkPi Network(PI)$0.475180-3.93%
  • aptosAptos(APT)$5.421.14%
  • OndoOndo(ONDO)$1.113.62%
  • Jito Staked SOLJito Staked SOL(JITOSOL)$246.090.57%
  • internet-computerInternet Computer(ICP)$6.030.80%
  • EthenaEthena(ENA)$0.488513-5.81%
  • kaspaKaspa(KAS)$0.1141190.82%
  • okbOKB(OKB)$49.642.33%
  • bonkBonk(BONK)$0.0000376.48%
  • Pudgy PenguinsPudgy Penguins(PENGU)$0.04491522.06%
  • mantleMantle(MNT)$0.834.24%
  • algorandAlgorand(ALGO)$0.291426-0.56%
  • arbitrumArbitrum(ARB)$0.4738190.15%
  • BlackRock USD Institutional Digital Liquidity FundBlackRock USD Institutional Digital Liquidity Fund(BUIDL)$1.000.00%
  • worldcoin-wldWorldcoin(WLD)$1.3510.07%
  • vechainVeChain(VET)$0.027641-0.62%
  • render-tokenRender(RENDER)$4.530.33%
  • cosmosCosmos Hub(ATOM)$5.07-0.85%
  • Binance-Peg WETHBinance-Peg WETH(WETH)$3,738.43-0.06%
  • polygon-ecosystem-tokenPOL (ex-MATIC)(POL)$0.250247-0.68%
  • USD1USD1(USD1)$1.00-0.06%
  • Official TrumpOfficial Trump(TRUMP)$11.000.05%
  • gatechain-tokenGate(GT)$18.223.43%
  • fetch-aiArtificial Superintelligence Alliance(FET)$0.80-3.11%
  • sei-networkSei(SEI)$0.3495951.10%
  • Binance Staked SOLBinance Staked SOL(BNSOL)$215.470.79%
  • filecoinFilecoin(FIL)$2.901.15%
  • fasttokenFasttoken(FTN)$4.49-0.45%
  • quant-networkQuant(QNT)$131.141.26%
  • SPX6900SPX6900(SPX)$2.037.04%
  • JupiterJupiter(JUP)$0.62-3.84%
  • SkySky(SKY)$0.086226-2.30%
  • sUSDSsUSDS(SUSDS)$1.060.01%
  • Kelp DAO Restaked ETHKelp DAO Restaked ETH(RSETH)$3,919.320.55%
  • rocket-pool-ethRocket Pool ETH(RETH)$4,266.730.96%
  • flare-networksFlare(FLR)$0.02440514.73%
  • Lombard Staked BTCLombard Staked BTC(LBTC)$119,210.001.76%
  • FartcoinFartcoin(FARTCOIN)$1.672.47%
  • Jupiter Perpetuals Liquidity Provider TokenJupiter Perpetuals Liquidity Provider Token(JLP)$5.220.44%
  • CelestiaCelestia(TIA)$2.170.09%
  • xdce-crowd-saleXDC Network(XDC)$0.0952580.32%
  • kucoin-sharesKuCoin(KCS)$12.08-0.95%
  • StoryStory(IP)$5.035.08%
  • injective-protocolInjective(INJ)$14.96-0.08%
  • USDtbUSDtb(USDTB)$1.000.08%
  • flokiFLOKI(FLOKI)$0.0001505.52%
  • first-digital-usdFirst Digital USD(FDUSD)$1.000.30%
  • StakeWise Staked ETHStakeWise Staked ETH(OSETH)$3,946.881.63%
  • blockstackStacks(STX)$0.882.20%
  • Mantle Staked EtherMantle Staked Ether(METH)$4,006.810.21%
  • curve-dao-tokenCurve DAO(CRV)$1.013.45%
  • optimismOptimism(OP)$0.790.84%
  • USDT0USDT0(USDT0)$1.000.07%
  • Liquid Staked ETHLiquid Staked ETH(LSETH)$4,047.310.48%
  • nexoNEXO(NEXO)$1.341.04%
  • Pump.funPump.fun(PUMP)$0.003726-3.54%

The UK’s Financial Conduct Authority (FCA) has defended its rigorous approach to regulating the crypto industry, countering claims that its stringent standards are stifling innovation. In an October 21 statement, Val Smith, head of payments and digital assets at the FCA, outlined the agency’s reasoning behind its tough stance, insisting that strong regulations are vital for long-term success.

Balancing Innovation and Protection

Smith addressed concerns that the FCA’s high bar for crypto firm registrations could hinder the UK’s ambition to become a global financial leader. Critics argue that the current regulatory framework may deter innovation, but Smith countered, stating, “Relaxing our standards and creating a race to the bottom won’t protect people or markets.”

Smith emphasized that innovations built on “unsafe, unregulated and untrusted foundations” are likely to fail, adding that the FCA’s primary goal is to protect consumers and prevent risks like terrorism financing, organized crime, and human trafficking.

Thorough Vetting Process

Despite criticism, Smith noted that no application is rejected “out of hand.” Instead, the FCA evaluates firms against strict criteria, including their controls against financial crime, their operational environments, and their customer bases. The rigorous process aims to prevent bad actors from entering the financial system, ensuring that only trustworthy firms are granted approval.

Pushback from the Crypto Community

The FCA’s stance has met resistance from the local crypto community. CryptoUK, a trade association for the UK crypto industry, has called the registration process lengthy and resource-intensive. As of September, only four of 35 crypto business registrations have been approved in the past year. Some businesses are reluctant to apply due to the high demands in terms of resources, personnel, and finances.

Regulatory Developments and Support

Despite the challenges, the FCA remains committed to working with crypto firms. It offers pre-application meetings and practical support to help companies meet the necessary standards. The FCA and the Bank of England also launched a sandbox initiative on October 1 to explore how digital ledger technology can be used in the settlement and maintenance of financial securities, signaling the UK’s ongoing commitment to the digital finance sector.

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