Britain's first crypto regulations to set 'robust' standards

By Huw Jones
FILE PHOTO Representations of cryptocurrencies Bitcoin Ethereum DogeCoin Ripple Litecoin are placed on PC motherboard in this illustration taken June 29 2021. REUTERSDado RuvicIllustrationFile PhotoFile Photo

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

LONDON (Reuters) - Britain's finance ministry plans "robust" regulations for crypto assets, following the collapse of crypto exchange FTX last year, which left millions of people nursing billions of dollars in losses.

Crypto is currently unregulated globally, with firms only having to carry out checks to prevent money laundering. However, Britain's Financial Conduct Authority (FCA) has said that more than 80% of licence applicants were unable to show they could do this properly as "dark money" flows through the sector.

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