85% of crypto firms fail to meet FCA standards

Worst failure rate for new remit

Around 85% of cryptoasset firms that applied to the Financial Conduct Authority for registration were unable to demonstrate they met the minimum standards required, the Treasury Committee has revealed.

The statistic was published today (26 January) following the Treasury Committee's questioning of senior individuals at the FCA over the cryptoasset industry. Under the FCA's anti-money laundering and counter-terrorist financing regime, crypto firms are required to meet certain standards. During the Treasury Committee session, the regulator revealed that a significant proportion of crypto firm applications were of a "poor standard", with only 5% progressing on the first attempt. BoE's Jon Cunliffe: Cryptocurrency needs regulation before 'potential systemic problem' The FCA sa...