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Cryptoasset applications to UK FCA halve in three years, FOI data shows

( August 29, 2024, 15:57 GMT | Official Statement) -- MLex Summary: Applications by cryptoasset business to register with the UK’s Financial Conduct Authority have halved in three years, Freedom of Information Act data shows. Just 29 applications were received by the regulator between May 2023 and April 2024, compared with 42 and 59 in the two years prior, according to the data obtained by law firm Reed Smith. Crypto firms must register with the FCA under its anti-money laundering regime before they can offer services to UK clients. Brett Hillis, a partner at Reed Smith, said: “If it’s the case that applications are falling because crypto firms have essentially given up waiting and started looking abroad, this should send a clear warning about London’s competitiveness. Firms aren’t going to wait forever for approval.” Statement below....

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