The U.K.’s National Audit Office (NAO) highlighted “significant” delays between the Financial Conduct Authority (FCA) finding an issue and acting upon it.

A recent NAO report noted delays of up to three years between the FCA requiring crypto-asset firms to register (January 2020) and the date when it began to act against illegal crypto ATMs (February 2023).

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Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...