Val Smith, head of payments and digital assets at the FCA, emphasized<\/a> <\/strong>the importance of maintaining rigorous standards to protect consumers and the integrity of financial markets.<\/p>\n

She cautioned that lowering standards could jeopardize safety and allow illegal activities, such as terrorism financing.<\/p>\n

Smith acknowledged criticism regarding the low number of registered crypto firms but clarified that applications are evaluated carefully, not rejected arbitrarily.<\/p>\n