The U.K.’s Financial Conduct Authority (FCA) has been relentlessly scrutinizing cryptocurrency startups and investigations are up 74% from last year. Meanwhile, proponents of decentralized software development models and open collaboration are upset about the FCA aiming to extend KYC/AML regulations to the publication of open source and zero-knowledge software.

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Since 2018, FCA Investigations Into Crypto Companies Increased by 74%

The Financial Conduct Authority in the U.K. has been ramping up regulations toward digital currency operations based in the region. It started escalating last year when a few eminent U.K.-based wealth management firms asked the FCA to add strict regulatory policy toward digital currency companies. At the time, Simon Miller, Scalable Capital’s CEO, showed his dislike for the crypto industry. “People see the explosion of digital currencies and say ‘I can make a lot of money quickly.’ But that’s not investing — that’s gambling. It…

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Source: https://thebitcoinnews.com/uk-regulator-ramps-up-crypto-investigations-and-considers-kyc-for-wallets/