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.
The U.K. Financial Conduct Authority (FCA) implemented the new cryptocurrency-focused regulations on Jan. 10, 2020, to supervise businesses operating in the sector and to ensure that they’re subject to the same anti-money laundering (AML) and counter-terrorism financing (CTF) regulations as firms in traditional financial markets.
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Given that many companies provide international services, the U.K. FCA also confirmed that they’re now collaborating with other state agencies around the world — most notably the U.S. securities regulator and the U.S. commodities regulator — in order to strengthen regulation where necessary.
The FCA has stressed on several occasions that failure to register before conducting business may result in criminal charges.
