Former FCA chair slams proposed crypto regulation from government

Charles Randell

Charles Randell, former chair of the Financial Conduct Authority, has strongly criticised the proposed cryptocurrency regulatory regime issued by the Treasury this week.

Randell, who was chair of both the FCA and Payment Systems Regulator between 2018 and 2022, attacked the proposals that would label crypto as an investment, "but without many of the same rules". These include an "as yet unspecified" liability and capital regime for issuers and intermediaries, a potentially looser regime to judge whether intermediaries are acting in the client's best interests, as well as an initial "lighter touch" approach to market abuse, and possible delegation of the first line of market abuse surveillance to a crypto industry association. Treasury finalises plans ...