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Thursday 25 November 2021

FCA seeks vendor help policing crypto

FCAUK regulator, the Financial Conduct Authority (FCA) has launched a tender to identify a vendor specialising in digital ledger technology able to provide analytics services relating to crypto assets and blockchain data. The contract is initially worth £500k over a two-year period and includes the option of a further two-year extension. The deadline for applications is mid-day 12 December.

As part of its remit, the FCA is responsible for monitoring, approving firms involved in activities associated with crypto assets to ensure comply with regulations around financial crime, AML and counter terrorism. To fulfil this obligation, the FCA is looking for a specialist third-party service provider to help scrutinise crypto asset data.

It is not surprising the FCA is looking for specialist help in this fast-evolving area of financial services. Criminal activity in the burgeoning crypto market has led to growing public concern. Fortunately, there are a variety of vendors helping to reinforce trust in the ecosystem and such offerings are increasingly attracting mainstream interest, as evidenced by the recent acquisition of CipherTrace (see: Mastercard steps up crypto plans with CipherTrace and Coinfirm to help police crypto).

Posted by: Jon C Davies at 08:52

Tags: blockchain   cryptocurrency   DLT   coinfirm   ciphertrace  

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