The United Kingdom’s financial regulator is seeking better oversight over the digital currency industry. The Financial Conduct Authority (FCA) has issued a tender offer for a company that can provide blockchain data forensic services and train its employees on digital currencies. The financial watchdog is looking to spend half a million pounds to beef up its digital currency monitoring capabilities.
FCA has become ever more involved in the digital currency industry.
The FCA has become ever more involved in the digital currency industry. While it only used to publish warnings against sketchy and unregistered companies in the past, it has taken a more active approach in recent months. In 2020, it became the anti-money laundering regulator for the sector. Two months ago, FCA Chair Charles Randell asked for even more oversight over the industry, saying there was a proliferation of useless pump and dump tokens. The financial watchdog is looking to spend $670,000 to beef up its digital currency monitoring capabilities.
The FCA is looking for services to support the analysis of crypto asset blockchain data.
In a tender offer, the FCA revealed that it is seeking “access to specialist services to support the analysis of crypto-asset blockchain data.” The watchdog has offered £500,000 ($670,000) for the services of any firm that specializes in this area which can “provide access to a platform that can support the robust and efficient analysis of crypto asset blockchain data and provide training and ongoing support in the use of this platform.” According to the regulator, the focus for the successful applicant will be on establishing and maintaining policies and controls that mitigate and manage the risks of money laundering and terrorist financing through digital currencies.