News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

News

FCA raises crypto money laundering fears amid authorisations backlog

Delays to approval process allow crypto firms to keep trading without full authorisation for longer

Cryptoasset firms will be allowed to keep trading for longer before going through the FCA's full vetting process
Cryptoasset firms will be allowed to keep trading for longer before going through the FCA's full vetting process Photo: Getty Images/iStockphoto

Cryptoasset businesses could have to wait longer for approval from the UK’s City watchdog amid delays to its process and the discovery that many firms are not meeting the standards required under the UK’s anti-money laundering rules.

The Financial Conduct Authority set up a temporary permissions regime in January to handle the backlog in applications from cryptoasset firms seeking full authorisation under new anti-money laundering regulations.

WSJ Logo