The FCA stated that over 87% of crypto registrations in its recent fiscal year failed to meet approval standards, highlighting significant barriers for businesses in the sector.
Only four out of 35 applications received by the FCA for crypto registrations succeeded, illustrating the rigorous standards under which the regulator operates in licensing these firms.
The Financial Conduct Authority stated, 'We help firms applying for authorisation by communicating our expectations and issuing guidance on good and poor practice,' reflecting their commitment to improving compliance.
With the Labour government pausing crypto plans, it suggests a potential delay for the FCA in acquiring the legislative power needed to authorize crypto companies.
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