Of 291 crypto-firm applications under review since January 2020, the UK Financial Conduct Authority has approved only 38 (13%).<\/p>\n
The regulator disclosed the figures in response to a request from an unnamed individual.<\/p>\n
Most applications (155) were withdrawn by the firms themselves, after the FCA advised them to re-submit, citing failure to meet all criteria.<\/p>\n
The UK introduced a temporary registration regime<\/a> for crypto firms in December 2020. In June 2021, the programme was extended<\/a> until 31 March 2022.<\/p>\n Since 1 April 2022, the temporary registration regime for crypto firms in the UK ceased to operate. The regulator made an exception<\/a> for a \u201csmall number\u201d of firms whose applications had not been fully processed.<\/p>\n 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<\/a>.<\/p>\n In July 2023, Ripple filed an application with the FCA to register as a cryptocurrency company.<\/p>\n Earlier, the FCA added Bitstamp to the register<\/a>, and the local unit of Binance withdrew its application<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Of 291 applications under review since January 2020, the FCA has approved only 38 (13%).<\/p>\n","protected":false},"author":1,"featured_media":83019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1726,36,810],"class_list":["post-83018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-fca","tag-regulation","tag-united-kingdom"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=83018"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83018\/revisions"}],"predecessor-version":[{"id":83020,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83018\/revisions\/83020"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/83019"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=83018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=83018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=83018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}