The UK's Financial Conduct Authority (FCA) granted crypto licenses to just four out of 35 applicants for the year ending March 31, 2024, rejecting 87% of submissions.
The FCA attributed the high rejection rate to inadequate anti-money laundering (AML) measures in most applications.
Among those approved were BNXA, a Binance affiliate, Koamainu, and PayPal UK. Since January 2020, the FCA has reviewed 340 applications for crypto exchange registration, approving only 47—about 14%—and rejecting 70% due to insufficient AML controls. Additionally, 240 applications were withdrawn.
New regulations might be delayed as the incoming Labor government, which replaced the Rishi Sunak administration, paused crypto policy initiatives in July.
Despite complaints from crypto firms about the stringent requirements and lengthy processing times—averaging 459 days—many companies have opted to operate outside the UK.
The FCA, however, maintains that it has offered clear guidance and now has 44 firms compliant with AML registration.
Following the passage of President Donald Trump’s sweeping tax and spending bill, House Republicans are now setting the stage for a major push on cryptocurrency legislation.
U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins has emphasized the agency’s continued focus on investor protection, addressing insider trading, market manipulation, and the evolving landscape of cryptocurrency regulation.
Arizona Governor Katie Hobbs has officially vetoed House Bill 2324, a legislative proposal that aimed to create a state-managed reserve fund for holding seized cryptocurrency assets.
The U.S. Securities and Exchange Commission (SEC) is in the early stages of developing a standardized listing framework for token-based exchange-traded funds (ETFs), according to a July 1 report by journalist Eleanor Terrett.