PANews reported on August 27 that according to DL News, the UK's plan to build itself into a global crypto asset technology center has encountered obstacles. In the past six months, the Financial Conduct Authority (FCA) has not approved any crypto business registration. Although former Prime Minister Rishi Sunak promised to turn the UK into a "global crypto asset technology center" in 2022, this goal now seems far away.
Data shows that in the past 12 months, the FCA received a total of 34 applications, and only 4 were approved. The FCA said that most crypto companies failed to meet its anti-money laundering standards. The FCA stressed that its strict standards are essential to protecting consumers and the integrity of the financial system. But lobbyists complain that the Financial Conduct Authority's rules are too prescriptive, cumbersome and confusing, especially those involving consumer-oriented marketing. Both Binance and PayPal have suspended crypto services in the UK and blamed these so-called promotional rules.
