The United Kingdom’s Financial Conduct Authority (FCA) has defended its approach to regulating the crypto industry, responding to criticism that its measures are “too tough” and risk stifling innovation. In an Oct. 21 post on its website, Val Smith, the head of payments and digital assets in the FCA’s authorizations division, emphasized the importance of maintaining rigorous standards to protect consumers and preserve the integrity of financial markets. “Relaxing our standards and creating a race to the bottom also won’t ensure people and our markets are protected or even work well.” Smith wro…