FCA Wants Crypto Businesses to Submit Financial Crimes Reports

With crypto-based crimes on the rise, regulators are taking note and acting swiftly to protect the public. In the U.K., the Financial Conduct Authority (FCA) has announced that all crypto companies in the country will now have to report financial crimes. They will do the reporting under a new category the FCA has created called REP-CRIM. The agency states that the goal is to help curb money laundering through cryptocurrencies.

The move by the the financial regulator comes after it consulted on the issue in late 2020. The number of companies reporting under the new rules has shot up from 2500 to 7000 and is set to rise.

What Does This FCA Regulation Mean for Cryptocurrencies?

Ideally, this could create short-term fear in the market. That’s because most crypto investors are used to the leisez-faire approach to the market. However, in the long run, this is a good thing for the markets. That’s because it creates the confidence needed for institutional money to get into the crypto space. It is institutional money that has helped push Bitcoin from sub-$20k to its current $50k to $60k range.

With institutions like FCA taking an interest in this market, the level of institutional money flow will only increase, and with it, the value of the entire crypto market. It is a move that could easily trigger a rally that could push BTC way past the $100k mark. The future of the crypto markets is getting more interesting by the day.

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