Whether 96 crypto firms can operate in the UK remains up in the air as AML approval times shrink

Whether 96 cryptocurrency companies can operate in the UK is still up in the air, as new data shows that the UK’s Financial Conduct Authority (FCA) needs to process a flood of anti-money laundering applications in less than two months. More specifically, 27 companies remain in limbo in provisional registration, while 69 "new entrants" have applications pending. The future of the crypto companies' UK operations - including exchanges, wallets and a range of other businesses - is uncertain if approval is not met by the March 31 deadline. Since January 2020, the FCA has been responsible for regulating anti-money laundering and counter-terrorism financing of crypto-asset companies. The FCA first launched the registration scheme, setting an initial deadline of one year for applicants. At the end of 2020, the UK established a provisional registration system, which means that some companies can continue to operate while completing the full registration process.