(LD):...I would also ask
how adequate resources are to make regulation and enforcement
effective. As the Minister is aware, the FCA is underresourced
and, frankly, demoralised. It does from time to time act against
small organisations, which would seem to include misbehaving
crypto exchanges, and I think that the crypto group in the FCA is
actually one of its stronger sections. But the complexity and
global nature of crypto makes it very tricky to supervise.
The National Crime
Agency has only 118 staff to cover all of the
powerful and complex world of finance. Would the Minister
consider giving the FCA and the NCA a share in
the fines and confiscations from successful prosecutions, in
order to build their capacity? Will further legislation come
forward, despite the Conservative mantra of “deregulate,
deregulate”, to deal with the dark side of the crypto industry,
which has a real mix of responsible players and sheer anarchists,
which obviously is an avenue for running sanctions that makes no
use of the respectable exchanges and wallet custodians?
The Minister of State, Foreign, Commonwealth and Development
Office ( of Richmond Park)
(Con):...The noble Viscount, Lord Waverley, made a number of
interesting points. I flag to him that a new combating
kleptocracy cell has been set up this year in the National Crime
Agency I hope it will be able to fulfil some of
the roles and functions he outlined in his contribution...
To read the whole debate, CLICK HERE
