British crypto companies are fighting an uphill battle, and the FCA registration process is holding many of them back
Since January 2020, the Financial Conduct Authority (FCA) has been the anti-money laundering regulator for UK crypto companies such as exchanges and custodians, and has conducted comprehensive reviews of their new registration applications, revealing key deficiencies relating to standards. Combating money laundering in companies, which led to many registration applications being withdrawn, not accepted or rejected by the FCA.
The FCA's March action plan confirms its commitment to protecting consumers and ensuring integrity in crypto markets, and includes ways to increase its ability to identify and address misuse of digital assets over the next year. The FCA also aims to raise the competitiveness of the UK's financial sector on the global stage.
