Only 13% of сrypto сompany applications approved by Britain’s FCA
The UK’s Financial Conduct Authority (FCA) has disclosed details concerning the approval process for registrations of cryptocurrency-related companies. Since the beginning of 2020, out of 291 applications received, only 38 have met the criteria for approval. This culminates in an endorsement of only 13% of the requests. Meanwhile, 155 were retracted, often on the advice of the FCA, for re-submission at a later date when in better adherence to the requisite standards. In the UK, cryptocurrency companies must be formally registered with the FCA to conduct their activities within the bounds of the law.
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The UK's Financial Conduct Authority (FCA) has disclosed details concerning the approval process for registrations of cryptocurrency-related companies. Since the beginning of 2020, out of 291 applications received, only 38 have met the criteria for approval.
This culminates in an endorsement of only 13% of the requests. Meanwhile, 155 were retracted, often on the advice of the FCA, for re-submission at a later date when in better adherence to the requisite standards.
In the UK, cryptocurrency companies must be formally registered with the FCA to conduct their activities within the bounds of the law.
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