Judging crypto firms by their market share for regulatory approval 'would give a bias towards larger companies,' TheFCA Chief Nikhil Rathi told U.K. lawmakers on Wednesday. camomileshumba reports
"We went through a very tough period with the industry over the last 18 months or two years because we turned down applications from some of the largest crypto firms in the world," Rathi said during the hearing.
He also warned against regulators considering the size of the firm and market share when assessing applications for registration. "There are some people that will try and suggest we should have a metric for market share and I just encourage everybody to think really hard about whether you really want a regulator to be talking about metric because that would give a bias towards larger companies," Rathi said.The U.K. could soon see afor crypto firms, which would require all companies wishing to operate in the country to apply for a FCA license – including oversees firms reaching out to local customers.
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