Zoe Wyatt comments on the need for UK crypto regulation in Information Security Buzz
Partner and Head of Crypto, Zoe Wyatt, comments on the UK’s urgent need for crypto regulation in light of FTX’s collapse, in Information Security Buzz.
Zoe’s comments were published in Information Security Buzz, 21 November 2022.
“It is the global financial landscape that has adversely impacted crypto thus far, even absent the current self-implosion conditions. Liquidity pressures, uncertain economic outlook and rising inflation lead to investors withdrawing from ‘risky’ assets – undermining the proposition that Bitcoin is a shelter from economic crises.
“There is no doubt a deepening link between crypto and the wider economy; with high profile VC funds having lost significant investments as a result of the FTX collapse.
“Industry and the professional service sector have been shouting for regulation that incentivises crypto businesses to establish in the UK (and other highly regulated jurisdictions). The regulator’s fear of getting it wrong with an FTX style scandal happening on their turf is one of the primary reasons for their paralysis. The FCA appears more concerned with how they’re perceived than protecting the consumer.”