The Financial Conduct Authority (FCA) recently revealed that over 87% of crypto registrations were rejected, withdrawn, or refused. The FCA stated, “We help firms applying for authorisation by communicating our expectations and issuing guidance on good and poor practice. This is helping firms understand what is required – 44 crypto firms now have money laundering registration.”
It is evident that the FCA is taking a strict approach when it comes to authorizing crypto firms. By providing clear guidelines and expectations, they are ensuring that only compliant firms are granted registration.
For firms looking to enter the crypto space, it is essential to understand and adhere to the FCA’s regulations to avoid rejection or refusal of registration. By following the FCA’s guidance on good practices, firms can increase their chances of successfully registering and operating within the legal framework.
