Withdrawn crypto applications decreased by 78% in the past year, reflecting compliance with FCA rules.
UK crypto regulation faces challenges with fewer applications and lengthy approval times.
Applications for registration as a crypto-asset exchange or
custodian wallet provider have dropped by 51% over the past three years,
according to data obtained through a Freedom of Information (FOI) request by
global law firm Reed Smith.
The Financial Conduct Authority (FCA) reported that only 29
applications were submitted between May 1, 2023, and April 30, 2024. This marks
a decline from 42 applications in the previous year and 59 in the year before
that. The first quarter of 2024 saw just seven applications, which is the
second-lowest quarterly figure recorded in the past three years.
Regulatory Process Slows Progress
The average time for the approval of applications within the
past three years stands at 459 days. Industry experts have raised concerns that
this slow pace may hinder the UK’s broader goal of becoming a global hub for
cryptocurrency. The lengthy approval process could discourage potential
applicants and undermine confidence in the regulatory framework.
In the last three years, 186 firms have withdrawn their
applications. However, the number of withdrawals has dropped significantly,
falling by 78% in the past year compared to the 2021–2022 period. This decrease
suggests that applicants may be gaining a better understanding of the FCA’s
requirements and expectations, resulting in fewer withdrawals.
Withdrawals and Applications Data
The data provided by the FCA highlights several key trends.
Over the last year, 29 applications were submitted, compared to 42 in 2022–2023
and 59 in 2021–2022. In the same period, 20 firms withdrew their applications
for registration, down from 73 in 2022–2023 and 93 in 2021–2022.
“The good news is that the falling number of applications
suggests that firms are now much better acquainted with what the regulator
expects,” Brett Hillis, Partner at Reed Smith, said.
“This can only be a positive development and would also
explain the fall in approval times as the FCA has to spend less time wading
through poor quality applications. Clearly, though, there is scope to speed up
further.”
The average
time taken to approve applications in the last year was 311 days, an
improvement from 497 days in the previous year. Since 2021, the FCA has spent
the equivalent of 25 years assessing cryptoasset applications.
Since new financial promotion rules came into effect in
October 2023, the FCA identified 1,010 breaches in the first seven months, up
to April 2024. The introduction of these rules has led to increased scrutiny
and enforcement activity in the sector.
Applications for registration as a crypto-asset exchange or
custodian wallet provider have dropped by 51% over the past three years,
according to data obtained through a Freedom of Information (FOI) request by
global law firm Reed Smith.
The Financial Conduct Authority (FCA) reported that only 29
applications were submitted between May 1, 2023, and April 30, 2024. This marks
a decline from 42 applications in the previous year and 59 in the year before
that. The first quarter of 2024 saw just seven applications, which is the
second-lowest quarterly figure recorded in the past three years.
Regulatory Process Slows Progress
The average time for the approval of applications within the
past three years stands at 459 days. Industry experts have raised concerns that
this slow pace may hinder the UK’s broader goal of becoming a global hub for
cryptocurrency. The lengthy approval process could discourage potential
applicants and undermine confidence in the regulatory framework.
In the last three years, 186 firms have withdrawn their
applications. However, the number of withdrawals has dropped significantly,
falling by 78% in the past year compared to the 2021–2022 period. This decrease
suggests that applicants may be gaining a better understanding of the FCA’s
requirements and expectations, resulting in fewer withdrawals.
Withdrawals and Applications Data
The data provided by the FCA highlights several key trends.
Over the last year, 29 applications were submitted, compared to 42 in 2022–2023
and 59 in 2021–2022. In the same period, 20 firms withdrew their applications
for registration, down from 73 in 2022–2023 and 93 in 2021–2022.
“The good news is that the falling number of applications
suggests that firms are now much better acquainted with what the regulator
expects,” Brett Hillis, Partner at Reed Smith, said.
“This can only be a positive development and would also
explain the fall in approval times as the FCA has to spend less time wading
through poor quality applications. Clearly, though, there is scope to speed up
further.”
The average
time taken to approve applications in the last year was 311 days, an
improvement from 497 days in the previous year. Since 2021, the FCA has spent
the equivalent of 25 years assessing cryptoasset applications.
Since new financial promotion rules came into effect in
October 2023, the FCA identified 1,010 breaches in the first seven months, up
to April 2024. The introduction of these rules has led to increased scrutiny
and enforcement activity in the sector.
“Presumed Guilty by the Judge”: FTX Founder Sam Bankman-Fried Appeals $8B Fraud Conviction
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Follow FMevents across our social media platforms for news, insights, and event updates.
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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