Recently, at the TheCityUK conference, Sarah Pritchard, the Executive Director for Markets and International at the Financial Conduct Authority (FCA), highlighted the necessity of setting stringent standards for the crypto registration process. This approach answers the crypto community’s concern about the long process associated with license application submissions of crypto firms in the UK.
In 2020, 300 companies applied for registration, but only 45 have been authorized. This strict due diligence procedure aims to disclose only firms that adopt the best practices of honesty and compliance to access the UK business environment.
Pritchard emphasized that supervisory authorities don’t count just the number of registrations but ensure that these firms are secure for the market. The FCA is concerned that a quicker registration process may lower the quality of screening, leading to weaker compliance standards and allowing firms with questionable practices to continue operating. This m
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