ChainCatcher news, according to market news, the CEO of the UK's Financial Conduct Authority (FCA) stated that the FCA is experimenting with using artificial intelligence to process some applications, and one day AI will be able to make decisions on certain application contents.

ChainCatcher news, the Bank of England (BoE) and the Financial Conduct Authority (FCA) have launched a Digital Securities Sandbox (DSS), allowing companies to explore how to use Distributed Ledger Technology (DLT) for the notarization, maintenance, and settlement of financial securities.The FCA recognizes that developing technology has the potential to bring efficiency, transparency, and resilience to the market. The regulator stated that if these technologies are successfully implemented, they could make processes cheaper and faster, thereby "saving costs between the market and users." It emphasized that the DSS will facilitate the trading, settlement, and issuance of digital securities in the UK. This will be done on programmable and distributed ledgers while complying with the regulations of the Bank of England and the FCA.The FCA added that this initiative will strengthen the UK's position as a global financial center, creating the right conditions for investment and sustainable growth.

ChainCatcher news, according to a press release from the UK's Financial Conduct Authority (FCA) on Monday, Olumide Osunkoya has admitted to illegally operating a cryptocurrency ATM network, marking the UK's first conviction case involving cryptocurrency ATM operations. At a hearing held at Westminster Magistrates' Court, 45-year-old Olumide Osunkoya pleaded guilty to five charges.Sentencing for these offenses will take place at Southwark Crown Court, with a specific date to be determined.Previous news, the UK's Financial Conduct Authority (FCA) announced on September 10 that charges had been brought against 45-year-old London resident Olumide Osunkoya for illegally operating multiple cryptocurrency ATMs that were not registered with the regulatory body.

ChainCatcher news, according to Cointelegraph, the UK's cryptocurrency industry self-regulatory organization CryptoUK stated that the strict regulations from the Financial Conduct Authority (FCA) are hindering the development of the cryptocurrency sector.According to the organization, the registration process for UK cryptocurrency companies is lengthy and difficult, which poses obstacles to business growth. In the past 12 months, UK regulators have only approved 4 out of 35 cryptocurrency companies for registration.International law firm Reed Harris revealed that the FCA takes an average of 459 days to process a registration application, which is comparable to the time required to apply for a full banking license. Industry insiders are concerned that strict regulations may cause the UK to lose its competitiveness against more crypto-friendly regions.

ChainCatcher news, centralized cryptocurrency exchange CEX.IO has officially resumed its business operations in the UK. The company stated that its registration process now meets the compliance requirements of the UK's Financial Conduct Authority (FCA).CEX.IO had previously voluntarily suspended its services in the UK due to the FCA's implementation of new crypto asset financial promotion regulations in October 2023. The UK was one of CEX.IO's key markets, with local users accounting for 69% of its total customers in the European Economic Area before the suspension, and trading volume had increased by 26.9% month-on-month.Currently, the company offers 190 digital assets in the UK.

ChainCatcher news, according to Protos, based on a Freedom of Information request (FOI), the UK Financial Conduct Authority (FCA) has accumulated a processing time for crypto applications equivalent to 25 years. The Financial Times reported that the FOI submitted by the law firm Reed Smith shows that the average time for the FCA to assess crypto applications is 459 days.From May 2023 to April 2024, the number of submitted applications dropped to 29, a significant decrease compared to 42 and 59 in the previous two years. Only 7 applications were submitted in the first quarter of 2024.The report indicates that the number of crypto companies registered with the FCA has decreased by 51% over the past three years, with a total of 186 companies withdrawing their applications submitted to the financial regulator.Reed Smith partner Brett Hillis stated, "If the decline in applications is because crypto companies have given up waiting and started turning to overseas options, this should send a clear warning about London’s competitiveness."

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.

ChainCatcher news, according to Cointelegraph, the UK's Financial Conduct Authority (FCA) has issued further guidance on compliance with cryptocurrency advertising. As of October 2023, the FCA has begun regulating the promotion of cryptocurrency services and continues to assist the industry in adhering to these regulations.The FCA reviewed relevant companies to understand their implementation of cooling-off periods, risk warnings, customer classification, suitability assessments, record-keeping, and due diligence on crypto assets. The regulator identified some good and bad practices and emphasized that companies should work directly with the FCA to raise standards across the industry. Two weeks after the new rules came into effect, the FCA discovered over 200 violations and issued additional rules to facilitate the compliance process.

ChainCatcher news, according to CoinDesk, since the financial promotion rules came into effect on October 8 last year, the UK's Financial Conduct Authority (FCA) has issued over 1,000 warnings to crypto companies. Under the new rules, crypto companies must be registered with the FCA to promote to UK customers.FCA's Director of Consumer Investments, Lucy Castledine, stated in an interview that these actions have led to the removal of 48 apps from local app stores in the UK.

ChainCatcher news, according to The Block Pro, Coinbase Group's CB PAYMENTS LIMITED was fined $4.5 million by the FCA for "high-risk" customer violations.

ChainCatcher news, according to Jinshi reports, the UK's Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) jointly called for information provision regarding digital wallets.

ChainCatcher news, according to the FCA official website, the Financial Conduct Authority (FCA) of the UK and the Metropolitan Police have arrested two suspects involved in operating illegal cryptocurrency businesses. The two individuals, aged 38 and 44, are accused of trading over £1 billion (approximately $1.3 billion) in crypto assets through their unregistered operations.According to the FCA's statement, the two suspects have been released on bail after questioning. The FCA and the Metropolitan Police conducted searches of relevant offices during the investigation and seized several digital devices from two residential properties in London. The investigation is still ongoing, and the FCA has not disclosed further details.Since January 2021, the UK has required all cryptocurrency asset service providers to register with the FCA to comply with anti-money laundering regulations. However, so far, despite over 300 companies attempting to register, only 44 companies have successfully obtained registration.

ChainCatcher news, according to Fortune magazine, the early general election in the UK has prompted the cryptocurrency industry to seek connections with the Labour Party in hopes of gaining support for regulatory policies, although the Labour Party's future stance remains unclear. Sources say that the UK's Financial Conduct Authority (FCA) is expected to release its proposed draft of the cryptocurrency licensing regime by the end of this year.

ChainCatcher news, the UK's Financial Conduct Authority (FCA) has issued a warning against a cryptocurrency investment company named Digital Assets Nest, stating that the company is promoting financial services without proper authorization, posing risks to investors.

ChainCatcher news, according to Cointelegraph, the Bank of England (BoE) and the Financial Conduct Authority (FCA) will take a "proactive" and flexible regulatory approach through the Digital Securities Sandbox (DSS).Bank of England Executive Director Sashi Mills stated, "This will enable regulators to adopt new methods to maximize the potential benefits of innovation while managing financial stability risks. Through DLT, the DSS aims to alleviate inefficiencies in the 'post-trade environment,' which can lower the entry barriers for providers while enhancing the resilience of financial markets."

ChainCatcher news, according to insider @emilyjnicolle, the crypto ETP prospectuses of WisdomTree, 21Shares, and Invesco have all been approved by the FCA today, and they can all list physically-backed Bitcoin and Ethereum ETPs on the London Stock Exchange (for professional investors only).

ChainCatcher news, according to CoinDesk, reported that the UK FCA announced on Tuesday its business strategy, which intends to launch a market abuse regime for cryptocurrencies this year. The business plan outlines an agenda to protect consumers, ensure market integrity, and promote international competitiveness. Last year, the government released a consultation document that included plans for a market abuse regime for crypto assets.In the government's response to the crypto consultation last October, it stated: "Market abuse offenses will apply to anyone engaging in market abuse in relation to crypto assets that are permitted (or required to be permitted) to trade on UK crypto asset trading venues. This applies regardless of where the person is located or where the trading takes place."

ChainCatcher news, according to CoinDesk, the US-based forex brokerage OANDA has launched a cryptocurrency trading platform, OANDA Crypto, in London, UK. The platform is registered with the UK's Financial Conduct Authority (FCA) and will offer trading in over 63 cryptocurrency pairs, including Bitcoin, Ethereum, and XRP.According to the RootData platform, OANDA acquired a majority stake in Coinpass last August and has been providing cryptocurrency services in the US through a partnership with Paxos, regulated by the New York State Department of Financial Services.

ChainCatcher news, according to Finance Feeds, the crypto marketing service company Englebert announced that it has obtained authorization from the UK's Financial Conduct Authority (FCA) to promote crypto assets in the UK.Englebert stated that UK crypto companies will be able to run advertisements that comply with FCA standards.

ChainCatcher news, according to The Block, cryptocurrency trading service company Elwood Technologies has received approval from the UK's Financial Conduct Authority (FCA). Elwood stated that the authorization is related to its execution management system for security tokens and derivatives, which allows its clients to connect to cryptocurrency exchanges and over-the-counter trading.It is reported that Elwood was founded by Alan Howard, the former CEO of Brevan Howard, who remains the majority shareholder.According to the crypto data platform RootData, in May 2022, Elwood Technologies completed a $70 million Series A funding round, led by Goldman Sachs and Dawn Capital, with participation from Barclays, BlockFi Ventures, Digital Currency Group, Flow Traders, and Galaxy Digital Ventures, among others.