As regulation continues to become an uphill battle along with its taxing requirements, the one thing that can help you ease the load is having a good relationship with the regulator.
Ex-regulator Daniel Lawlor of Aquest and Shannon Eastman joined us in an interactive discussion and answered the following questions about what to expect (and what not to expect) if you're meeting the regulator anytime soon.
- [00:13:46]Will the regulator look negatively if one of the staff is functioning in multiple roles?
- [00:17:03]Would it look better if some of the staff are FCA-regulated within a small firm? What is the outcome for a firm that has an FCA-regulated individual vs. a firm that doesn’t have an FCA-regulated individual?
- [00:20:33] Do you regulate areas such as GDPR under the financial regulators' remit?
- [00:32:09] If my business is based in the UK, but all customers are in Africa, does the regulator see that as a UK serving company?
- [00:35:20] How much would it cost to apply to be regulated? What are the fees involved in maintaining your regulatory status
- [00:38:49] Can you ask regulatory questions on an anonymous basis? Will confidentiality be guaranteed
- [00:41:00] Is the FCA frowning upon companies looking for regulation in other jurisdictions but still wanting to do business in the UK
- [00:43:13] Does being regulated in a more crypto-friendly country make passporting any easier?
- [00:44:58] How do you think the outcome is influenced by the individual work at our inherent human biases?
- [00:46:52] Do decision-makers get pressure from senior management such as the government to make decisions based on their view?
- [00:50:36] Do you think the FCA is ready for the crypto industry?
Episode Resources:
- Aquest: https://www.aquest.ie/
- Daniel Lawlor: https://www.linkedin.com/in/daniel-lawlor-64496722/
- Shannon Eastman: https://www.linkedin.com/in/shannoneastman/
Watch it on YouTube HERE: https://www.youtube.com/watch?v=zIIzyw64-tY&t=3036s