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Bitcoin journalist on FCA policies: 'The FCA’s blanket cryptoasset policy is crushing innovation'

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Bitcoin journalist on FCA policies: 'The FCA’s blanket cryptoasset policy is crushing innovation'
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Susie Ward, Bitcoin journalist and financial analyst at Forbes | X

Susie Violet Ward, a bitcoin journalist and financial analyst, has criticized the UK Financial Conduct Authority's (FCA) cryptoasset policies, claiming they stifle innovation and drive bitcoin businesses offshore. Ward made this statement on X on March 18.

"UK regulators are driving bitcoin businesses away while other countries capitalise on the opportunity," said Violet Ward. "The FCA's blanket cryptoasset policy is crushing innovation, stifling growth, pushing companies offshore, and making the UK increasingly hostile to bitcoin businesses. Companies are scaling back or leaving the UK due to restrictive and unclear regulations. If this continues, the UK will lose its financial edge and risk global irrelevance as investment moves elsewhere."

According to Forbes, the FCA has implemented stringent regulations that categorize all cryptoassets under a broad 'restricted mass market investments' label. This approach fails to differentiate between decentralized assets like bitcoin and other speculative tokens, leading to regulatory uncertainty. Such ambiguity has compelled companies like PayPal, CoinCorner, and Skrill to adjust or withdraw their services in the UK due to excessive restrictions and unclear policies.

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As reported by Reuters, the United Arab Emirates (UAE) is positioning itself as a crypto-friendly jurisdiction. Abu Dhabi's MGX investment vehicle recently acquired a $2 billion stake in Binance, reflecting the UAE's ambition to become a crypto hub. This move aligns with the UAE's broader strategy to integrate blockchain technology into its financial infrastructure, thereby attracting global crypto businesses.

Ward is a London-based financial analyst and journalist specializing in bitcoin and digital assets. She has contributed to major publications, including Forbes, where she analyzes regulatory developments and their impact on the financial sector. Her work focuses on the intersection of traditional finance and emerging digital asset markets.

The Financial Conduct Authority (FCA) is the United Kingdom's primary financial regulatory body, established in 2013 to oversee financial markets and protect consumers. Operating independently of the UK government, the FCA regulates conduct related to financial products and services. In recent years, it has taken a conservative stance on digital assets by implementing stringent regulations that some critics argue hinder innovation in the sector.

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