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KPMG response to FCA crypto consultation

KPMG response to FCA crypto consultation

Commenting on the FCA’s consultation paper on cryptoassets guidance

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Commenting on the FCA’s consultation paper on cryptoassets guidance, issued today, Anton Ruddenklau, Head of Digital and Innovation, Financial Services, KPMG comments:  

“The FCA is working hard to maintain its reputation as a global leader for fintech regulation, today’s consultation is yet another example.  

“There’s been equal amounts of hype and scepticism about cryptoassets - 2018’s pricing swings made sure it never slipped out of our attention. But, crypto is here to stay; the biggest players in financial services are already building infrastructure to support it. The regulator knows that, and is responding accordingly by making sure all players understand, and operate within, the existing regulatory framework. However, perhaps most importantly, this consultation is an opportunity for the FCA to really understand what firms are doing, and how regulation might need to evolve to ensure crypto products are used to help support UK GDP in a responsible, sustainable way.”  

 


-ENDS-

 

See the FCA paper here.

See KPMG’s latest report on the institutionalisation of cryptoassets here.

 

For media enquiries, please contact:

Christina Bridge

T: 07789 504905

E: christina.bridge@kpmg.co.uk

 

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff.  The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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