Tough rules needed to ‘detoxify’ crypto market, says UK financial watchdog

Published by
Reuters UK

By Huw Jones LONDON (Reuters) – Tough rules were needed to “detoxify” crypto to remove conflicts of interest, safeguard customer assets and force through radical changes to business models, Britain’s financial watchdog said on Wednesday. The Financial Conduct Authority’s new chair Ashley Alder said rules for crypto should be just as tough as for risky activities in mainstream finance. Britain plans to regulate crypto under a new financial services law this year. A regulatory regime the same as for conventional finance would see crypto business models change radically, Alder said. “One of the q…

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