FCA statement on cryptoasset registration regime in UK

Val Smith, head of payments and digital assets for the FCA, reaffirmed the regulator’s high standards on registrations, and highlighted:

• The importance of sustainable long-term regulation rather than relaxing rules for faster innovation;
• The FCA’s aim to work in collaboration with the crypto industry and government without compromising standards; and
• That decisions on registration are influenced, not only by systems and controls in place at firms, but also by factors such as the people involved in those processes and the characteristics of the target customer base.

Crypto firms should review the FCA’s guidance and examples of good and bad practice to help prepare for the registration process.

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