The UK Financial Services Authority (FCA) has made recommendations for constructive action after 86% of regulatory approval applications from crypto companies across the country were rejected.
FCA is one of the UK crypto companies applying for regulatory approval. 86%He took action and made recommendations after his . About subject an extensive list The issuing agency has detailed what applicants should consider before, during and after submitting their application for registration with the FCA. Since the regulator started registration two years ago Of the 300 crypto companies that applied, only 41 received full approval. stressed.
In the detailed list presented, crypto firms prepare their applications. details of the business model, the roles of business partners and their responsibilities comprehensive enterprise-wide risk assessment report It was also stated that it will play a critical role in the process:
This feedback we provide will assist applicants in preparing their enrollment application and will make the process as simple and efficient as possible. However, applicants should understand that registration is not a one-time formality or checkbox practice without any other obligations or interactions with the FCA.
The FCA is a UK-registered crypto service providers operating in the country that must be “fully involved in the preparation of the application” at the time of application. money laundering reporting officer He said they should have.
England for a while “City of Cryptocurrency” but such regulatory restrictions and difficulties are forcing investors to leave the country. At this point, FCA, which was pushed to take a more moderate stance as a result of pressure from lawmakers and lobbies blaming the regulator, is in line with its plans to transform the country into a crypto center recently. promise of a friendlier approach had given.
UK’s former Finance Minister Philip Hammond In a recent statement, he stated that the country is lagging behind its competitors in Europe in the race to become a center for digital assets and that this situation should be resolved with constructive regulations as soon as possible.