The FCA is seeking feedback on proposals on the minimum standards crypto firms will need to comply with.
The proposals mirror many requirements which already apply to traditional financial firms, such as on operational resilience and systems and controls to fight crime.The rules aim to be proportionate, allowing UK firms to compete internationally.In recognition of some of the unique features of the cryptoasset market, the FCA has opened a discussion on how the Consumer Duty, which would require firms to act to deliver good outcomes for their consumers should apply to crypto. The regulator is also seeking views on how complaints should be managed, including whether consumers should be able to refer them to the Financial…
