Following the collapse of crypto exchange FTX last year, which left millions of users with billions of dollars in losses, Britain’s finance ministry is planning “strong” controls for crypto assets. Globally, cryptocurrency is still unregulated, with corporations merely required to conduct checks to avoid money laundering. However, the Financial Conduct Authority (FCA) of the United Kingdom has stated that more than 80% of license applicants were unable to demonstrate that they could do so properly since “black money” flows through the sector. According to Financial Services Minister Andrew Griffith in a statement on Tuesday, the proposed rules, which will be released on Wednesday, will provide robust, transparent, and fair standards, consistent with the approach to traditional finance.