Regulating Cryptoassets May Be Harder Than FCA Expects
Law360 (March 26, 2020, 2:48 PM EDT) -- On March 6, Therese Chambers, director of retail and regulatory investigations at the Financial Conduct Authority, gave a speech at a conference on the advancement of digital assets and financial crime risk at the New York University School of Law about tackling financial crime and imposing anti-money laundering regulation on the emerging market for cryptoassets.
Using the FCA’s umbrella term of “cryptoassets” — encompassing all assets underpinned by cryptography, the most well-known of which are digital currencies such as Bitcoin and Ether, Chambers sought to outline how the regulator intends to impose AML regulation on this previously untamed market.
She began by...
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