British MP Calls On FCA’s Chancellor Over The Regulator’s Inaction On Crypto Register

Philip Davies, a prominent English politician, put forward a flurry of questions regarding the continued delay of the crypto register of the British Financial Conduct Authority. In a letter on May 24, Davies asked as many as 16 questions to the agency’s chancellor Rishi Sunak.

Reportedly, all the questions by the conservative British politician surrounded the handling of the registration process of virtual currency firms and its impact on the national image of the country as a financial innovator.

The answers from the chancellor are due on May 26. In one of the questions, the MP questioned Sunak about his assessment regarding a delay for the digital assets’ business.

Interestingly, it is not the first time that the politician has voiced the growing crypto market. Still, previously in 2019, he used a similar tone when the country’s financial regulator proposed banning the virtual currencies altogether. The Block reported that they did not find any crypto investment under his name.

This came after the country’s FCA took the responsibilities of money laundering supervisor for the digital assets’ startups, and it announced the crypto register. Besides that, the companies working across the country were told to register before January this year for health services and operations.

But in December last year, the regulator came up with a regime for a selective group of firms and extended their deadline to the first week of July following its struggle to deal with a flurry of applications. The Block reported that, as of now, only four companies are on the FCA’s crypto register.

The slow progress and inaction from the FCA attracted criticism from the country’s crypto community, which called on the chancellor for help. Besides that, two other famous politicians called on the treasury to do their best in creating a safe space for financial innovation.

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