DACOM Digital
Ready, Willing and Organised: Inside the FCA’s New Crypto Regime
In this episode of Compliance Champions, Delphine Forma speaks with Val Smith, Head of Payments and Digital Assets Authorisations at the FCA, about the UK’s transition from AML registration to full FSMA authorisation for crypto firms. Val explains what the FCA will look for when assessing applications, what it means to be “ready, willing and organised,” and what the FCA has learned so far from its Pre-Application Support Service. They also discuss realistic authorisation timelines and what can slow the process down. The conversation also covers MARC and market abuse surveillance, including the FCA’s expectation that effective surveillance considers both on- and off-chain activity, as well as orders, transaction flows and communications. Finally, they explore what the FCA expects from international crypto firms operating global models, including UK presence, governance and the ability to demonstrate that UK regulatory standards can be met on an ongoing basis.
