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UK’s FCA hints at why it’s only given 15% of crypto firms the regulatory nod By Cointelegraph

Photo of Jake Jake Send an email January 28, 2023
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UK’s FCA hints at why it’s only given 15% of crypto firms the regulatory nod

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Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only 41 out of 300 crypto firm applications seeking regulatory approval to date.

The U.K. Financial Conduct Authority (FCA) implemented the new cryptocurrency-focused regulations on Jan. 10, 2020, to supervise businesses operating in the sector and to ensure that they’re subject to the same Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations as firms in traditional financial markets.

A flowchart which helps firms understand whether they need to register with the FCA. Source: FCA