UK's FCA Cracks Down on Crypto Activity

So, after catching up on that thread about Bitcoin ATMs shutting down, I decided to peek at the FCA's website. They seem to be tightening the screws on UK businesses involved in crypto but not registered for anti-money laundering. Seriously, it's wild what they're doing now...

Yeah, it feels like they've just started doing this recently. I wonder why it took them a year or two to act on these BTMs? It just seems a bit off to me. Plus, I stumbled upon some still-active sites, and most of them look sketchy or straight-up scams!

I think tracking down those scam ATM companies is gonna be a lot easier than keeping an eye on online exchanges. I mean, these ATM setups need cash to buy the machines and lease spots. Someone could eventually trace them down and maybe recover their funds. Honestly, anyone converting crypto to fiat should have their identity verified and legit licenses. Otherwise, total scam alert.

Regulation's definitely a tricky topic... It helps fight scams, but then there's the KYC/AML hassle. With regulators in play, there's always gonna be costs. I’ve been digging into this regulation but can’t find anything about how costly and lengthy the whole process is. Anyone here been through it?

True that, man. We’re all gonna feel the sting with this double-edged sword. Sure, stopping scams is great, but mandatory KYC is gonna get real annoying. Once they verify KYC, they’ll keep tabs on our crypto wallets and tax us on transactions. I’ve heard in places like India, they're charging 30% tax for crypto investments. Not cool.