FCA announces approval of 13% of applications from crypto firms

United Kingdom
United Kingdom

Of the 291 subjects for consideration since January 2020 by the Financial Conduct Authority (FCA) of the UK applications from crypto companies, the regulator approved only 38 (13%).

The department disclosed such data in response to a request from an unnamed person.

Most of the applications (155) were withdrawn by the firms themselves, as the FCA recommended that they resubmit the application due to non-compliance with all criteria.

The UK introduced a temporary registration regime for cryptocurrency companies in December 2020. In June 2021, the program was extended until March 31, 2022.

From April 1, 2022, the temporary registration regime for cryptocurrency companies ceased to operate in the UK. The regulator made an exception for a “small number” of firms whose applications were not fully processed.

During this time, the Kraken exchange, the infrastructure provider MoonPay, the company of the founders of Gemini, the Winklevoss brothers, and the venture capital fund Andreessen Horowitz, received approval from the FCA.

Recall that in July 2023, Ripple filed an application with the Office for registration as a cryptocurrency company.

Earlier, the FCA included the bitcoin exchange Bitstamp in the registry, and the local division of Binance withdrew its application.

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!

Leave a Reply