The UK’s FCA Unveils Crypto Registration Statistics
Since the beginning of January 2020, a total of 291 cryptocurrency companies have submitted applications for registration to the Financial Conduct Authority (FCA), the principal financial regulator of the United Kingdom. Out of these applications, only 38, or approximately 13%, have been granted approval to operate within the country.
On August 11, the FCA issued a response to an undisclosed party’s right-to-know request, addressing several inquiries related to the registration statistics of crypto asset businesses. According to the information provided by the regulator, the applications received amounted to 291, with 155 of them being withdrawn by the companies themselves.
The FCA stressed that firms seeking approval must provide the essential information specified under the mentioned regulation; otherwise, their applications will be rejected. In the United Kingdom, companies engaged in “crypto asset activities” must either be registered with the FCA or have been granted temporary operating status.
At the present time, the FCA’s roster of registered crypto asset providers includes 42 entities, among them Skrill, eToro, and Gemini.
