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Crypto assets have, for a long time, caught the eye of criminals and their enablers, exploiting this newly emerging, and therefore lightly regulated, area of financial services. Crypto assets, however, are certainly on the radar of the regulator locally, just named as financial products.
After being in a state of limbo for several years, cryptocurrency regulation has started to gain significant momentum globally. These developments are a clear indication that cryptocurrencies are not only here to stay but are on a path to becoming part of the world’s financial system.
The strongest deterrent against FSP compliance missteps is or should be: