The financial regulator in the United Kingdom is working to improve control of the digital currency business. The Financial Conduct Authority (FCA) has put out a tender for a company that can provide blockchain data forensic services as well as digital currency training to its workers.
The Financial Conduct Authority (FCA) is becoming increasingly active in the digital currency market. In the past, it would just issue warnings about shady and unregistered businesses, but it has been more proactive in recent months. It became the sector’s anti-money laundering regulator in 2020. FCA Chair Charles Randell requested tighter oversight of the industry two months ago, claiming that there was a profusion of the meaningless pump and dump tokens.
The watchdog is now proposing to invest £500,000 to improve its digital money monitoring powers. The FCA announced in a tender offer that it was looking for professional services to help analyze crypto-asset blockchain data.
The watchdog has offered £500,000 ($670,000) for the services of any company that specializes in this field and can provide access to a platform that can allow the rigorous and efficient analysis of crypto-asset blockchain data, as well as training and continuing support in its use.
The successful applicant’s primary focus will be on developing and maintaining policies and controls to mitigate and manage the risks of money laundering and terrorist financing via digital currency.
The FCA will employ the selected applicant’s services to analyze blockchain data, detect and respond to hazards discovered through this analysis, and develop intelligence and enforcement investigations as part of the scope.
Interested applicants have until December 16th to submit their applications, and the contract will last for 23.5 months, with the possibility of a 24-month extension.
The FCA’s assault on companies operating illegally in the United Kingdom has resulted in the agency issuing warnings to even the largest companies in the field that have failed to meet their legal duties. None of these warnings have been serious than the ban on Binance. In June, the Financial Conduct Authority (FCA) announced that Binance was not licensed to offer services in the United Kingdom. Customers reported swiftly examining their alternatives, prompting several banks, such as Barclays, to cease payments to the exchange.