British regulators will prevent illegal use of cryptography.

[Paha87]

Christopher Woolard of the Financial conduct authority (FCA) of the UK indicated that regulators are planning a "comprehensive response" to the illegal use of cryptocurrency assets against the backdrop of their wider adoption among local businesses and consumers.

Speaking at the cryptocurrency Regulation event in London, Christopher Woolard, Executive Director for strategy and competition at the FCA, said that "the regulator plans to take significant steps to curb the illegal use of cryptocurrency."

In response to the sharp increase in cryptocurrency borrowing in recent years, Woolard said:

The FCA seeks to facilitate collaboration with Her Majesty's Treasury (HMT) and the Bank of England (BoE) to examine the impact of cryptocurrency and distributed Ledger technology on consumers and market integrity as well as the risk of financial crime.

In the coming months, the FCA, HM Treasury, and Bank of England will take a number of steps to address this harm and encourage future useful innovation

Plans for meaningful action

Woolard announced that the FCA plans to take serious action against the use of cryptocurrency to Finance illegal activities, explaining:

To combat financial risks, the Treasury will hold one of the most comprehensive responses worldwide to the use of cryptocurrency assets for illegal activities. The FCA will go further than the existing fifth EU money laundering Directive prescribes.

Despite the firm tone, Woolard said that the financial stability Board does not see cryptocurrencies as a threat, however, he stressed the need for regulators to remain vigilant.

Link to the source of information (Russian) - https://altstake.io/news/britanskie-regulyatory-presekut-nezakonnoe-ispolyzovanie-kripto