The National Audit Office (NAO) in the United Kingdom has raised concerns about the effectiveness of the Financial Conduct Authority (FCA) in regulating the cryptocurrency industry.

In a recent report titled ‘Financial services regulation: adapting to change,’ the NAO has claimed that the FCA is being slow to respond and take action against illicit activities in the crypto industry.

High staff turnover rates and a lack of specialist skills increase risk to @TheFCA’s key commitments.

It has responded by recruiting and spending £317m on its change programme.

This should help it prepare financial services for the future.

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— National Audit… Read more on Cointelegraph