On July 8, 2022, U.K.’s Financial Conduct Authority appointed Ashley Alder as the Chairman of this regulatory body. A lawyer by profession, Alder has a significant role in crypto regulation in Hong Kong. Following this, several complaints have arisen that, there is difficulty in working with the SFC. Not only this, FTX, a Bahamian cryptocurrency exchange, has walked out of Hong Kong, citing the adverse laws.
FCA came into existence in 2020 as an anti-money laundering authority in the UK. The primary goal of the body is to counter the financing of terrorism in the country. However, FCA is also the regulatory authority of crypto companies. The new chairman will join his office in January 2023, but crypto market analysis has already been started.
Ashley Alder has been the head of the Securities and Futures Commission in Hong Kong since 2011. He is known for introducing the digital assets rule in the country. Replacing the interim chairman Richard Lloyd Mr. Alder will serve a five-year term in FCA. Likewise, Lloyd will continue to be the senior independent director in FCA.
Alder has placed Hong Kong as the center of international finance. However, Hong Kong is not a free state to allow the use of blockchain in fintech. On the other hand, decentralized finance is popular in the UK. Here,14% of people have taken loans to purchase Bitcoins and other crypto assets. The UK Govt is seeking views from various government and non-government bodied about imposing a tax on deals of crypto assets. So time will say which direction the UK’s crypto market will go.