Ashley Alder, the CEO of the Securities and Futures Commission (SFC) in Hong Kong, has been chosen to lead the Financial Conduct Authority (FCA) in the United Kingdom. He is scheduled to join the office in January 2023. Since October 2011, Alder, a former attorney, has served as the SFC’s director, managing the implementation of the region’s digital assets regulations. FCA Looks After United Kingdom’s Anti-Money Laundering With CEO Nikhil Rathi, he will take over as chair of the FCA. In 2020, the FCA took over as the United Kingdom’s anti-money laundering and counter-terror funding regulator, placing cryptocurrency companies under its purview. With traditional finance, Hong Kong was regarded as one of the most liberal economies in the world; however, this is not the case for cryptocurrencies. Given China’s expanding influence, industry stakeholders are cautious about the city’s long-term potential. Hong Kong Strictens Licensing Regulations Additionally, all retail investors would be shut out of the asset class due to Hong Kong’s tight licensing regulations for Virtual Asset Service Providers (VASP). Industry leaders in the crypto space have voiced complaints about these regulations and the challenges associated with collaborating with the SFC and Hong Kong’s other financial regulators on digital assets. Due to harsh rules and COVID-19 quarantine requirements, FTX relocated its headquarters out of Hong Kong last summer.The post...
