More UK Crypto Firms Removed from Temporary Registration List in Latest FCA Move; 5 Firms Remain

Updated by Andrew Rossow
In Brief
  • Five U.K. crypto firms remain on the FCA's registration list.
  • The FCA extended the March 31 deadline to allow over a dozen firms to get their applications in order.
  • But will the UK be the next crypto hub?
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On Thursday, the Financial Conduct Authority (FCA) removed more UK crypto firms from its registration list, leaving only five companies left with a temporary registration status.

Having dropped from a total of 12 to five, the number of firms permitted by the FCA to offer crypto services to U.K. residents now include Revolut, CEX.IO, Globalock, Moneybrain, and Copper, according to the watchdog’s list. These five firms now join the other 34 firms that the FCA has previously approved.

FCA deadline extension

On March 30, the FCA was forced to extend its deadline for its approval of crypto operations, giving 12 firms more time to get their applications in time.

Previously, the FCA deadline was set for March 31, but only 20% of the firms had completed their registration, despite the initial 2020 announcement.

HM Treasury’s regulatory framework

The FCA’s recent announcement also comes during the same week the HM Treasury announced amending its regulatory framework to include stablecoins as a means of payment.

On its own, the Treasury has stated that it is willing to work with the government to develop a regulatory framework for crypto assets. The body also reiterated its commitment to gatekeeping the industry and preventing unscrupulous operators.

As part of its three year strategy, HM Treasury also revealed that it will be hiring more professional hands to help in its policing of the space, which comes at no surprise, given the FCA’s position on crypto and operations throughout the country. However, the FCA seems to have an “open-minded” position, as previously, it has also warned residents about investing in crypto, cautioning investors to be prepared “to lose all of their money.”

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