Odaily Planet Daily News: The Financial Conduct Authority (FCA) of the United Kingdom has defended its approach to regulating the crypto industry, responding to criticism that its measures are "too harsh" and have the potential to stifle innovation. Val Smith, director of payments and digital assets at the FCA's authorization department, stressed the importance of maintaining strict standards to protect consumers and maintain the integrity of financial markets in an article published on its website on October 21. "Relaxing our standards and triggering price competition will not ensure that people and our markets are protected or even function properly." Smith wrote that innovations that are quickly built on an "unsafe, unregulated and untrusted foundation" are likely to collapse.