The Financial Conduct Authority has established a temporary registration regime to allow cryptoasset firms to continue trading – after it was unable to process firms’ applications by their original deadline due to a pandemic backlog.

“The FCA was not able to assess and register all firms that have applied for registration, due to the complexity and standard of the applications received, and the pandemic restricting the FCA’s ability to visit firms as planned,” the regulator said in the 16 December statement.