Henry Burrows explains how professional services firms can overcome the challenge of carrying out due diligence and anti-money laundering checks on those who have accrued wealth as crypto investors
In 2021, the Financial Conduct Authority (FCA) estimated 4.4 per cent of UK adults hold crypto, up 0.5 per cent from 2020. In the US, that figure is closer to 16 per cent and climbing. Trading volumes on cryptocurrency exchanges – where most transactions take place – reached $14 trillion in 2021, a near 700 per cent increase on the year before, reflecting not just how big the cryptocurrency industry has become, but how much wealth is being generated as a result.
What the FCA’s study doesn’t mention is cryptocurrency’s rise is creating new wealth among younger generations. Hoptrail’s crypto audit work is predominantly on behalf of young professionals – teachers, nurses, and students in their...
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