The Financial Conduct Authority (FCA) of the U.K. prioritizes trust over speed when registering crypto companies, according to an executive from the national regulator. Sarah Pritchard, the FCA’s executive director for markets and international, spoke at TheCityUK conference and stated that focusing solely on numbers could damage trust and reputation.
Since 2020, the FCA has been responsible for processing registrations for crypto firms looking to operate in the country and comply with anti-money laundering regulations. Despite over 300 firms applying, only 45 have been approved. Notable companies such as Gemini, Revolut, and Fidelity Digital Assets have successfully registered, but the process can be lengthy.
Last year, participants in the crypto industry reported waiting over a year for the FCA to respond to their registration application. Pritchard acknowledged these complaints in her speech, but emphasized the importance of maintaining high standards to protect consumers. She expressed concern that rushing the registration process could lead to market abuse and damage trust in financial markets.
Pritchard concluded by stating that the success of the crypto industry depends on building and maintaining trust. Therefore, the FCA takes a longer-term approach to ensure that proper measures are in place to prevent criminal activity.
