UK's FCA hints at why its given only 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.

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.

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.