FCA reports approval of one in eight crypto-firm applications.

Of 291 crypto-firm applications under review since January 2020, the UK Financial Conduct Authority has approved only 38 (13%).

The regulator disclosed the figures in response to a request from an unnamed individual.

Most applications (155) were withdrawn by the firms themselves, after the FCA advised them to re-submit, citing failure to meet all criteria.

The UK introduced a temporary registration regime for crypto firms in December 2020. In June 2021, the programme was extended until 31 March 2022.

Since 1 April 2022, the temporary registration regime for crypto firms in the UK ceased to operate. The regulator made an exception for a “small number” of firms whose applications had not been fully processed.

During this period, the FCA granted approvals to Kraken exchange, MoonPay, the Gemini founders’ company run by the Winklevoss twins, and the venture capital firm Andreessen Horowitz.

In July 2023, Ripple filed an application with the FCA to register as a cryptocurrency company.

Earlier, the FCA added Bitstamp to the register, and the local unit of Binance withdrew its application.