Around 85 per cent of firms failed to meet the FCA’s minimum standards
The UK House of Commons Treasury Committee has published the Financial Conduct Authority’s (FCA) written follow-up to several questions asked during an oral evidence session on the crypto-asset industry.
The letter, which contributes to the Committee’s ongoing inquiry into the crypto-asset industry, explains that around 85 per cent of the crypto-asset firms that applied to register with the FCA “were unable to demonstrate they met the required, minimum standards.”
The FCA’s Executive Director of Markets Supervision, Policy and Competition provides further detail on the Committee’s question concerning the proportion of applications that have seen criminal activity when assessing crypto-asset...
