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.
— National Audit… Read more on Cointelegraph