Rewards

A recent <a href="https://assets.publishing.service.gov.uk/media/6630f2b4120ab0e20c4b9bdb/Final_annual_supervision_report_2022-23.pdf" target="_blank" rel="noopener" data-wpel-link="external">analysis</a> by the UK Treasury has presented cryptocurrency as a priority risk factor concerning money laundering. 
Despite the release of a report named “Anti-money laundering and counter-terrorist financing” which drew attention to the UK Financial Conduct Authority (FCA)’s oversight of crypto firms as well, the UK’s cryptocurrency sector’s regulatory landscape remains dogged by a lack of regulatory clarity and distinct guidelines. 
The FCA uncovered that crypto companies have failed to strengthen the anti-money laundering controls, hence they were left with bulk application withdrawals and rejections. Regulators brought up many new cases of financial crime and a good number were cryptocurrencies related. 
Research data show that the UK money laundering crisis driven by cryptocurrencies is turning out to be bigger than expected. The FCA has issued warnings to the digital asset companies about the breaches of the marketing rules and it is ready to take stern disciplinary actions. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/02/new-legislation-aims-to-simplify-tax-rules-for-staking-rewards/" data-wpel-link="internal">New Legislation Aims to Simplify Tax Rules for Staking Rewards</a> 
</blockquote>

UK Crypto Firms Face Scrutiny Over Money Laundering Risks

The Crypto Times

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