Odaily Planet Daily News The UK's Financial Conduct Authority (FCA) defends its 'overly strict' approach to the registration of cryptocurrency companies, stating that strong standards are crucial for establishing a sustainable and trustworthy digital asset industry. FCA-authorized Payments and Digital Assets Director Val Smith warned, 'Innovations built rapidly on an unsafe, unregulated, and untrusted foundation are like houses built on sand; they are likely to collapse. Instead, we want to work closely with government, industry, and partners from other jurisdictions to develop a cryptocurrency industry built on a reliable, solid foundation.' Additionally, Smith mentioned concerns regarding terrorism, organized crime, sanctions evasion, and human trafficking. (Finance Magnates)