Cryptocurrency News Today TheBitTimes.com

The UK’s Financial Conduct Authority (FCA) says it is clearing an ‘operational backlog’ by approving an increasing number of registering crypto firms and growing its crypto capability to 100 employees.  In a speech given yesterday, the FCA’s joint executive director of enforcement and market oversight, Steve Smart, said that crypto firms are registering with the regulator at an increased rate thanks to the FCA helping them to better navigate its registration process.  Smart said that prior to this, “some 86% of the initial crypto registrations we received were rejected, withdrawn or refused.” He said a total of 44 crypto firms are now registered with the FCA while the watchdog works “to eliminate our operational backlog.”  To help it relieve this logjam, the Financial News (FN) reported today that the FCA has increased its crypto staff to 100 and that the fastest-growing crypto team in the organization is its policy department .   FCA too slow on crypto enforcement, says UK...

Meta is reportedly planning to cut staff in their Reality Labs division , a wing of the tech company focusing on the metaverse . This will be the company’s second round of layoffs since 2022. The Menlo Park-headquartered company has already notified employees about the layoffs, Reuters has learned, citing sources close to the matter. The report says the changes will affect Facebook Agile Silicon Team, a unit focused on developing custom chips for Meta’s augmented reality (AR) and virtual reality (VR) devices. Although it’s unclear how many workers are about to let go, Reuters notes the unit “has roughly 600 employees.” You might also like: Meta’s Zuckerberg reveals new photorealistic avatars for metaverse With the layoffs, Meta wants to concentrate on “less bulky AR glasses” that look more like regular glasses, one of the sources told the media. The Facebook and Instagram parent company is said to complete the first version of the...