Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
The Financial Conduct Authority said more 87% of crypto registrations received in 2023-24 fell short of meeting approval standards.
The U.K.'s financial regulator said a full 87% of crypto companies that applied for licensing under the country's money laundering rules failed to win approval in its most recent fiscal year.received by the Financial Conduct Authority managed to qualify in the 12 months ended March 31, it said in itsa crypto custody joint venture of Nomura. The rest were either refused a license or rejected for lacking key components needed for assessment.
"Over 87% of crypto registrations were rejected, withdrawn or refused," the FCA said."We help firms applying for authorisation by communicating our expectations and issuing guidance on good and poor practice.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."Since January 2020, the FCA has received 359 applications from crypto companies and only 44 companies are registered.
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