UK’s FCA hints at why it’s only given 15% of crypto firms the regulatory nod

Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only 41 out of 300 crypto firm applications seeking regulatory approval to date.

While the FCA didn’t expressly state the cause of the rejected or withdrawn applications, it did provide feedback on “good and poor quality” applications. “Applicants’ websites and marketing material must not include language that gives the impression that making an application for registration is a form of endorsement or recommendation by the FCA.”

The FCA also doubled down on its anti-money laundering stance, demanding that all firms appoint a money laundering reporting officer who is “fully involved” in the application process.

It's hard to say without knowing the specifics, but my guess is that the FCA has stringent standards to uphold. The bright side is that Bitcoin tech is bullish, and that more firms will eventually win approval. HODL!

Takes a lot of effort to be FCA registered. Take Babb for example. In a unique position to offer a Bank Account (!) along with Stablecoins and Crypto. All powered by the $bax token, the next 100x.

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UK's FCA hints at why its given only 15% of crypto firms the regulatory nodAs the United Kingdom looks to offer a more appealing business landscape to cryptocurrency firms, its financial watchdog continues to be tough, with just 41 applicants out of 300 approved to date. VPNs always works though lol I thought the idea of Brexit was a Singapore style free-for-all but the Tories want the control of a communist country with the financial benefits of an unregulated economy - like James Thurber’s “boneless creatures made of bone” from his children’s novel “The 13 Clocks”.
Source: Cointelegraph - 🏆 562. / 51 Read more »