87% APPLICATION FOR REGISTRATION OF CRYPTO FIRM WERE REJECTED

FCA tightened rules: 87% of applications for registration of cryptocurrency firms were rejected or withdrawn due to non-compliance with AML standards

Key Points:
🍃Out of 273 applications submitted since January 2020, only 35 companies successfully registered.

⚠️The UK's financial regulator (FCA) noted that many firms failed to hire qualified personnel to combat financial crimes.

Consequences
↘️This situation is causing concern in the cryptocurrency industry, as it may lead to an outflow of business from the UK.

👛Some companies, including Blockchain.com, are considering relocating to other jurisdictions due to strict rules.

🔠Critics argue that the FCA's tough approach may harm innovation in the country's financial sector.

📌Despite criticism, the FCA continues to adhere to a strict policy towards cryptocurrency companies to ensure compliance with anti-money laundering standards.

📊 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.

💬 “PlanB is a loser who lost most of his money.”

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:

“I know people who personally know PlanB. The fact is, he’s actually a complete loser who lost most of his money by getting too caught up in leverage during the last bull market.