The UK regulator, the Financial Conducting Authority (FCA), has warned not to be hasty in regulating the crypto market.
According to a report by the Financial Times, FCA Chairman Charles Randell noted the preparation time required for the regulation of crypto markets and talked about the need to be realistic about the improvements crypto companies need.
Randell also stressed the independence of the institution, amid calls by some commentators in the cryptocurrency market for the government to be more accommodating on regulations.
As previously quoted and UK Finance Minister Rishi Sunak announced, the country has a plan to position itself as a crypto hub. However, industry commentators do not find this mission too strong against crypto centers such as Switzerland and Dubai.
