Fintech UK is looking to partner with registered / regulated (or soon to be) cryptoasset firms on building out a cryptoasset section on our website.  If you are senior executive at a UK registered cryptoasset firm, please contact us here to discuss the proposed project.  Also happy to hear from senior executives at businesses which support crypto firms to support the project. See our CRYPTO page for more information

If you are are crypto firm seeking regulatory advice or director services, please contact CompliReg for assistance at the details appearing here and check out its VASP registration and other authorisation services here.

Hope you like the Map (Version 3.0)!
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Welcome to the second edition (version 3.0) of Fintech UK's and CompliReg's (a leading provider of fintech consulting services to crypto asset firms) UK FCA registered Cryptoasset Firms Map.

There are now 36 registered Cryptoasset firms appearing on the Financial Conduct Authority's (FCA) website as at Thursday 28th July 2022.  Welcome to Zodia Markets.  The FCA register records Zodia Markets registration effective 27th July 2022.  We also took the opportunity to update Solidi's logo too.

We will not repeat what we said in our Blog on Version 2, which was released recently on Monday 18th July 2022.  You can read the Version 2 blog here. 

As we continue to Map registered Cryptoasset firms, expect to see certain logos appear more than once as several brands will be registering several Cryptoasset firms for different purposes, such as - for example - services for (1) trading and (2) custody. An example of this is in fact Zodia.  While Zodia Markets (UK) Limited was registered on 27 July 2022, its affiliate Zodia Custody Limited was registered effective 15 July 2021.

At the time we released Version 1, there were 218 (thereabouts) unregistered cryptoasset business listed on the UK FCA's website that appear, to the FCA, to be carrying on cryptoasset activity, that are not registered with the FCA for anti-money laundering purposes.  As of today, that number has remained steady at 248 since 18th July 2022..

The firms thus far registered by the FCA include:

2020: Archax Ltd, Gemini Europe Ltd, Gemini Europe Services Ltd, Ziglu Limited, Digivault Limited, 

2021: Fibermode Limited, Zodia Custody Limited, Ramp Swaps Limited, Solidi Ltd, Coinpass Limited, CoinJar UK Limited, Trustology Limited, Commercial Rapid Payment Technologies Limited, Iconomi Ltd, Skrill Limited, Paysafe Financial Services Limited, Crypto Facilities Ltd, Fidelity Digital Assets LTD, Payward Limited, Galaxy Digital UK Limited, BABB Platform Ltd, BCP Technologies Limited, Zumo Financial Services Limited, Baanx.com Ltd, Bottlepay Ltd, Genesis Custody Limited, Altalix Ltd, 

2022: X Capital Group Limited, Enigma Securities Ltd, Light Technology Limited, eToro (UK) Ltd, Uphold Europe Limited, Wintermute Trading LTD, Rubicon Digital UK Limited, DRW Global Markets Ltd and Zodia Markets (UK) Limited

Revolut Ltd, as of today, is the only firm listed on the Temporary Registration list and it was listed on December 2021 list too.  Interestingly, in addition to a cryptoasset registration, the Revolut group hasn't achieved obtaining of its much talked about bank authorisation in the UK either.  ​

We are looking forward to seeing how many more will be registered before the end of the year.

The post accompanying Version 2 appears at:

• ​CompliReg: https://complireg.com/blogs--insights/uk-registered-cryptoasset-map-version-20-monday-18th-july-2021
• Linkedin: https://www.linkedin.com/posts/peteroakes_fintechuk-crypto-digitalasset-activity-6954800838179491840-lCjM?utm_source=linkedin_share&utm_medium=member_desktop_web

Further Reading:

Version 1 of the Map and the Blog of 20 December 2021 - located here

Version 2 of the Map and the Blog of 18 July 2022 - located here 

List of ​Unregistered Cryptoasset Businesses as at 28 July 2022 - located here

Barclays Bank is reportedly taking a stake in Copper, a prominent name in the fast-evolving cryptocurrency sector.

The UK's Sky News reports that the UK-based bank is among a crop of new investors joining a funding round for Copper, which counts former chancellor Lord Hammond among its advisers.  The news agency reports that "City sources said Barclays was expected to invest a relatively modest sum in the millions of dollars as part of the round." and the fundraising is expected to be finalised within days.

Copper's strapline is that it provides an institutional gateway to digital asset investing through a trading system without moving assets to exchanges, eliminating the risk of hacked, frozen, or misappropriated assets.

It was reported earlier this year that Copper was targeting a valuation of at least $3bn in its latest capital raise but has since scaled that back, reflecting the growing crisis in the wider crypto-assets sector.  

Apparently Copper has also grown frustrated with the approach of UK financial regulators, prompting it to establish a hub in Switzerland instead.  That explains why Copper doesn't appear on Version 2 of Fintech UK's registered cryptoasset Map released last week.

​Barclays and Copper declined to comment.

​Copper, founded by Dmitry Tokarev in 2018, has drawn investors from big names in the global venture capital sector, such as LocalGlobe, Dawn Capital and MMC Ventures. Its institutional gateway provides custody, trading, and settlement solutions across 450 crypto- assets and more than 40 exchanges. 

Copper, recently together with Street Corporation, announced today that State Street Digital had entered into a licensing agreement through which State Street Digital will leverage Copper.co’s technology to develop and, subject to receipt of regulatory and other approvals, launch an institutional grade digital custody offering where clients can store and settle their digital assets within a secure environment operated by State Street. The firm will leverage its robust infrastructure and vast experience to assist clients’ transition and thrive in the new digital economy.

Welcome to the second edition (version 2.0) of Fintech UK's and CompliReg's (a leading provider of fintech consulting services to crypto asset firms) UK FCA registered Cryptoasset Firms Map.

There are now 35 registered Cryptoasset firms appearing on the Financial Conduct Authority's (FCA) website as at Monday 18th July 2022.

The first 5 of these firms were registered in 2020. According to the FCA's records, the first registered Cryptoasset firm was Archax on 18 August 2020.  Then in 2021, the FCA registered 22 crypto firms.  Thus far in 2022, the FCA has registered 8 crypto firms.  The most recent to be registered is DRW (7 June 2021).

As we pointed out when we released Version 1.0 of the Map, 2021 saw a flurry of activity and especially in the last quarter of 2021 when 16 firms received their Cryptoasset registration from the FCA - that was a  whopping 60% of the total pool of registered firms at that time. At the current rate, the number of firms registered in 2022 may be less than that in 2021, unless the FCA registers a large pile of crypto firms in the second half of 2022.

As we continue to Map registered Cryptoasset firms, expect to see certain logos appear more than once as several brands will be registering several Cryptoasset firms for different purposes, such as - for example - services for (1) trading and (2) custody. 

At the time we released Version 1, there were 218 (thereabouts) unregistered cryptoasset business listed on the UK FCA's website that appear, to the FCA, to be carrying on cryptoasset activity, that are not registered with the FCA for anti-money laundering purposes.  As of today, that number has increased to 248.

The firms thus far registered by the FCA include:

2020: Archax Ltd, Gemini Europe Ltd, Gemini Europe Services Ltd, Ziglu Limited, Digivault Limited, 

2021: Fibermode Limited, Zodia Custody Limited, Ramp Swaps Limited, Solidi Ltd, Coinpass Limited, CoinJar UK Limited, Trustology Limited, Commercial Rapid Payment Technologies Limited, Iconomi Ltd, Skrill Limited, Paysafe Financial Services Limited, Crypto Facilities Ltd, Fidelity Digital Assets LTD, Payward Limited, Galaxy Digital UK Limited, BABB Platform Ltd, BCP Technologies Limited, Zumo Financial Services Limited, Baanx.com Ltd, Bottlepay Ltd, Genesis Custody Limited, Altalix Ltd, 

2022: X Capital Group Limited, Enigma Securities Ltd, Light Technology Limited, eToro (UK) Ltd, Uphold Europe Limited, Wintermute Trading LTD, Rubicon Digital UK Limited and  DRW Global Markets Ltd

When we released Version 1 we noted that there were 37 firms Cryptoasset firms with Temporary Registration.  You will see 39 on the previous list, but two of those firms were in fact registered - thus there seemed to be a timing issue of the records at the FCA. Regardless, some of the 37 achieved FCA registration in 2022 and others have dropped of the current list.  Revolut Ltd, as of today, is the only firm listed on the Temporary Registration list and it was listed on December 2021 list too.  Interestingly, in addition to a cryptoasset registration, the Revolut group hasn't achieved the obtaining of its much talked about bank authorisation in the UK either.  ​

Version 1 of the Map and the Blog of 20 December 2021 - located here
List of ​Unregistered Cryptoasset Businesses as at 18 July 2022 - located here

​The UK government is consulting on a proposal to bring certain cryptoassets into the scope of financial promotions regulations.

FintechUK intends to provide a response.  If you would like to join our industry response, please contact us at [email protected] with your full contact details.  We'll be in touch on a plan for the response.  This consultation closes at 12:15am on 26 October 2020.

We'll use the definition in the Consultation Paper as a baseline for the response, however as definitions are key to everything, responses on the definition are very welcome:

"There is no single, widely-agreed definition of a cryptoasset. Broadly, a cryptoasset is a cryptographically secured digital representation of value or contractual rights that uses some type of distributed ledger technology (DLT) and can be transferred, stored or traded electronically. This is the approach taken to defining cryptoassets for the purposes of the UK’s Money Laundering and Terrorist Financing regulations ,and is the basis of a definition developed below. Examples of cryptoassets include Bitcoin and Ethereum. The market is constantly evolving, with new and different cryptoassets being developed."

Documents
Cryptoasset promotions: consultation PDF, 246KB, 27 pages
Consultation responses on Cryptoasset promotions: form Word Document

Further Reading: https://www.gov.uk/government/consultations/cryptoasset-promotions