FCA tightened rules: 87% of applications for registration of cryptocurrency firms were rejected or withdrawn due to non-compliance with AML standards
Key Points:
šOut of 273 applications submitted since January 2020, only 35 companies successfully registered.
ā ļøThe UK's financial regulator (FCA) noted that many firms failed to hire qualified personnel to combat financial crimes.
Consequences
āļøThis situation is causing concern in the cryptocurrency industry, as it may lead to an outflow of business from the UK.
šSome companies, including Blockchain.com, are considering relocating to other jurisdictions due to strict rules.
š Critics argue that the FCA's tough approach may harm innovation in the country's financial sector.
šDespite criticism, the FCA continues to adhere to a strict policy towards cryptocurrency companies to ensure compliance with anti-money laundering standards.
š For reference
The FCA has tightened the rules of the game: mandatory registration since 2020, strict AML standarts, and thorough checks.
The regulator demands qualified specialists in combating financial crimes, has introduced strict control over crypto project advertising, and even created a "blacklist" of unreliable companies.
š¬ āPlanB is a loser who lost most of his money.ā
Crypto influencer under the nickname Tim commented on a recent prediction by crypto analyst PlanB, where he outlined a scenario in which Bitcoin could reach $1 million by 2025:
āI know people who personally know PlanB. The fact is, heās actually a complete loser who lost most of his money by getting too caught up in leverage during the last bull market.
He lives in a small house and is a sad person. The only reason he posts these crazy tweets is because he needs them to survive financially.ā
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