the FCA recently released the results of their cryptoasset consumer research for 2021.
This shows that there has been an increase in both awareness and ownership of currencies by the public, yet levels of understanding of currencies have fallen.
This perhaps highlights the pressing need for regulatory approval for firms to be completed as soon as possible, in order to enhance consumer protection and confidence in the market. There have been criticisms of the handling of the registration process, with suggestions that insufficient manpower had been allocated to deal with the large numbers of applications received.
The news that the FCA has committed extra resources to deal with the backlog of applications will therefore be welcomed by all, and it is hoped that all remaining applications can be dealt with by the revised March 2022 deadline.
Tom Cattee and Neil Williams recently discussed the implications of the extension to the Temporary Registration Regime, and what the future may hold. With economies around the world having suffered greatly through the ravages of the pandemic, there are many challenges to face. What is certain, however, is that the crypto market is here to stay, and as we forge a new economic path post-Covid and post-Brexit, the UK must ensure its regulatory framework can properly benefit from new technologies, supporting innovation and competition, yet at the same time mitigating risks to consumers and stability.
A link to the discussion can be found here. In the discussion, Neil starts off by asking Tom about the extension to the FCA’s Temporary Registration Regime and why it has become necessary.
For those who would like advice on this issue, our specialist regulatory and compliance team can guide individuals and companies through the process. Do not hesitate to contact us, send us an e-mail, or alternatively, follow us on Twitter, Facebook, or LinkedIn to stay-up-to-date.
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