Kraken CEO Argues UK’s Crypto Rules are Stifling Growth

Arjun Sethi, co-CEO of Kraken, has voiced his concerns about the increasingly stringent cryptocurrency regulations in the UK. He believes these rules create unnecessary barriers for users and could hamper the growth of the crypto industry within the region. Sethi highlights the burdensome disclosures required for trading, comparing them to cigarette warning labels. This impacts customer experience by slowing down transactions, a crucial aspect of fast-paced crypto markets. The Financial Conduct Authority (FCA) has implemented measures like cooling-off periods and mandatory assessments of user knowledge before allowing crypto trading. These are aimed at investor protection but have sparked criticism that they could discourage participation in the crypto market, potentially hindering those seeking financial opportunities.