The FCA has not approved cryptocurrency company registration applications for six consecutive months

ChainCatcher news, according to DL News, the UK's Financial Conduct Authority (FCA) has not approved any cryptocurrency company registration applications for six consecutive months, putting the country's vision of becoming a global hub for crypto assets technology on hold. FCA data shows that 34 applications were received in the past 12 months, with only 4 approved, the most recent of which was in February this year.

The UK's Financial Conduct Authority stated that most crypto companies failed to meet its anti-money laundering standards, emphasizing that companies must be "appropriate and competent" and have systems in place to identify and prevent the flow of criminal funds. However, industry lobbyists complain that the FCA's rules are overly cumbersome and confusing, particularly regarding consumer marketing regulations. Nevertheless, the FCA is working with businesses to help them meet compliance requirements. Against this backdrop of tightening regulation, several companies, including Binance and PayPal, have suspended their crypto services in the UK.