Author: Syedur Rahman 7 April 2022
With the Financial Conduct Authority (FCA) set to draft rules covering crypto assets and take a tougher enforcement approach towards “problem’’ firms, the Financial Times sought Syed Rahman’s opinion.
Syed told the FT that crypto assets have been “a significant focus’’ for the FCA. But he expressed his belief that many in the crypto asset industry are likely to disagree with the approach that is being taken by the regulator.
Syed warned that any moves to tighten regulation of crypto assets could eradicate the privacy of those that operate in the sector. He also voiced his concern that such an approach could “tamper with innovation.”
The FCA has said that that it will allocate an extra 80 staff to pursuing businesses that do not meet basic regulatory standards. This move and its plans for new rules for crypto assets are part of the FCA’s recently-published strategy for the next three years.
Syed's comments can be read in the Financial Times. (Subscription required)
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, international arbitration, civil recovery, cryptocurrency and high-stakes commercial disputes.