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Welcome to version 11.0 of Fintech UK's and CompliReg's (a leading provider of fintech consulting services to crypto asset firms) UK FCA registered Cryptoasset Firms Map.  We have also partnered with MiCAReady.com which assist digital asset firms meet the requirements under the MICA Regulation. Please get in touch with CompliReg and MiCAReady.com via their websites and give them a follow at Linkedin at https://www.linkedin.com/company/complireg and https://www.linkedin.com/company/mica-ready/

How many registered cryptoasset firms are there in the UK?

There are now 45 registered Cryptoasset firms appearing on the Financial Conduct Authority's (FCA) website as at 18th October 2024.  This represents an increase in numbers since version 10.0 was issued on 12th September 2024.

Version 11 of the Map welcomes the entry of ComplyCrypto Depository which was registered by the UK FCA on 26th September.

ComplyCrypto Depository is a partnership between Gentium UK Limited and Complyport Limited.  It aims to establish itself as a leader in the UK’s crypto-compliance market, focusing on transparency, regulatory compliance, and innovation.

ComplyCrypto Depository is a partnership between Gentium UK Limited and Complyport Limited.  It aims to establish itself as a leader in the UK’s crypto-compliance market, focusing on transparency, regulatory compliance, and innovation.

Richard Strike, Managing Director of ComplyCrypto, stated, “ComplyCrypto’s mission is to ensure that the growing cryptocurrency marketplace is safer for the economy and society as a whole. By adhering to the stringent requirements set forth by the MLRs, ComplyCrypto ensures its operations remain fully aligned with regulatory obligations related to Anti-money Laundering (AML) and Counter-Terrorist Financing (CTF) measures.”

Paul Grainger, Chairman of Complyport and Director of ComplyCrypto, expressed gratitude to the FCA for their “invaluable technical guidance and advice, their professionalism and patience throughout the registration process.” He reaffirmed the commitment of ComplyCrypto’s team to help build a safer crypto-asset marketplace.

​How many firms have been registered and deregistered by the UK FCA?

For those interested in the details, the number of registrations since 2020 until today are as follows:

• 2020 – 4 registrations
• 2021 - 25 registrations (3 firms registered in 2021 were subsequently deregistered)
• 2022 – 12 registrations
• 2023 – 4 registrations
• 2024 – 3 registrations

Total: 48 less 3 de-registrations = 45.  These 45 UK FCA registered crypto firms are shown on our Map.
​

How many unregistered crypto firms appear on the FCA register?

​There remains now 44 'unregistered cryptoasset business’ according to the latest FCA records.  There has been now change to the number or names of these 44 firms between 12 September to 18 October 2024.  However this is sharp decline since the publication of Version 9.0 Map when there were 69 such unregistered crypto firms.

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 Zodia Markets (UK) Limited and its affiliate Zodia Custody Limited.

It is important to note that crypto firms registered in the UK cannot offer their services from the UK into Europe.  Those UK companies which are part of a group of companies where one of the group members holds a VASP registration in a Member State can offer service sin that Member State only.  Once the VASP achieves MiCA Regulation authorisation in their Member State or in another Member State and has the necessary passporting permissions, they will be able to offer those services across the EEA.  If you are unsure of:

• the registration requirements in the UK, please contact CompliReg.
• the authorisation requirements in the EEA, please contact MiCA Ready. 

Linkedin Posts:  https://www.linkedin.com/posts/peteroakes_cryptoasset-cryptocompliance-fintechuk-activity-7254485024501067777-bvhd

FCA Letter to Payments and Emoney Firms (7 October 2024) (from Matthew Long, Director, Payments & Digital Asset; Supervision, Policy & Competition)

FCA Letter to Banks and Building Societies (7 October 2024) (from Emad Aladhal, Director, Retail Banking Supervision, Policy & Competition).

Started as a Linkedin Post by Peter Oakes, Founder of Fintech UK. ​https://www.linkedin.com/feed/update/urn:li:activity:7249312812194230272/

Summary of the Banks and Building Society Dear CEO Letter:

The letter outlines the FCA's expectations regarding Authorised Push Payment (APP) fraud reimbursement and highlights several key points:

1. Financial Crime Prioritization: The FCA emphasizes its commitment to reducing financial crime, particularly APP fraud, which significantly harms society and consumer confidence.
2. New Reimbursement Measures: Effective October 7, 2024, the PSR requires Payment Service Providers (PSPs) using the Faster Payments System (FPS) and CHAPS to reimburse victims of APP fraud, unless the victim was grossly negligent.
3. Cost Sharing: The costs of reimbursements will be shared equally between sending and receiving firms to encourage better fraud detection and prevention.
4. Payment Delays Legislation: PSPs can delay processing payments for up to four business days if fraud is suspected, allowing for a risk-based approach to payment processing.
5. Anti-Fraud Systems: PSPs must enhance their anti-fraud systems and controls, ensuring effective governance, ongoing monitoring, and customer due diligence to prevent fraud.
6. Consumer Duty: Firms must avoid causing foreseeable harm to consumers and must provide adequate support throughout the customer lifecycle, particularly in complaint handling.
7. Information Obligations: PSPs must inform customers about dispute resolution options, including access to the Financial Ombudsman Service.
8. ‘On Us’ Payments: The reimbursement policies apply only to external payments (FPS and CHAPS), and firms must ensure that customers understand any differences in protection levels for intra-firm payments.
9. Regulatory Monitoring: The FCA and PSR will monitor compliance with reimbursement requirements and data from PSPs to ensure effective consumer protection.
10. Communication Protocol: PSPs are reminded to notify regulators of significant changes promptly and can contact the FCA or PSR as needed for inquiries.

​
Overall, the letter underscores the regulatory framework aimed at enhancing consumer protection against APP fraud and the responsibilities of PSPs in this context.

Summary of the Emoney & Payments Dear CEO Letter:

The letter outlines the FCA's expectations for Payment Service Providers (PSPs) regarding Authorised Push Payment (APP) fraud reimbursement. Key points include:

1. Financial Crime Priority: The FCA highlights the significant societal harm caused by financial crime, including fraud, and emphasizes its commitment to reducing such activities.
   
2. Reimbursement Requirements: Starting October 7, 2024, PSPs using the Faster Payments System (FPS) and CHAPS must reimburse victims of APP fraud, unless the victim was involved in the fraud or acted with gross negligence.
   
3. Cost Sharing: The reimbursement costs will be shared equally between sending and receiving firms to encourage proactive fraud prevention.
   
4. Payment Delays: New regulations allow PSPs to delay payment processing by up to four business days if fraud is suspected, enabling a more thorough assessment of potentially fraudulent transactions.
   
5. Anti-Fraud Systems: PSPs must enhance their fraud detection systems, ensure effective governance, conduct regular reviews, and maintain strong customer due diligence measures.
   
6. Capital Management: Firms are urged to manage potential liabilities from fraud reimbursements, adjusting their business models accordingly.
   
7. Consumer Duty: Under the Consumer Duty, firms must prevent foreseeable harm to customers and must provide adequate support throughout the customer lifecycle, especially regarding complaints.
   
8. Information Obligations: PSPs are required to inform customers about alternative dispute resolution options, including access to the Financial Ombudsman Service.
   
9. ‘On Us’ Payments: Reimbursement policies apply only to external payments (FPS and CHAPS), and firms must clarify any differences in protection levels for intra-firm payments.
   
10. Regulatory Monitoring: The FCA and PSR will monitor compliance with reimbursement policies and gather data to ensure effective consumer protection.
    
11. Communication Protocol: PSPs must notify regulators promptly of significant changes and can contact the FCA or PSR for assistance.
    

Overall, the letter emphasizes the importance of consumer protection and the responsibilities of PSPs in combating APP fraud.

What is the difference between the two Dear CEO Letters?

The letter issued to Payments and Emoney Firms includes:

"Capital and liquidity PSPs should recognise and manage their potential liability and the impact this may have on their capital and liquidity. We expect PSPs to review and adjust their business models and transactions to mitigate against any risk of prudential impact that may result from potential APP fraud reimbursement liabilities."

The UK FCA seems far less concerned about the introduction of the new APP Fraud regime on banks/building societies than it is for payments and emoney firms. 

The FCA says that "We have rejected submissions that didn’t include key components necessary for us to carry out an assessment, or the poor quality of key components meant the submission was invalid."

Note: The table does not include information on any appeals following FCA decisions to refuse applications.

In its Annual Report for 2023/24, the FCA stated that "Over 87% of Crypto registrations were withdrawn, rejected or refused for weak money laundering controls."  In the same report the FCA stated it the number of firms who had their authorisations cancelled, doubled from 2022/23 to 1,261.

With respect to authorisation efficiency levels, the FCA stated that 98% of authorisation cases were assessed within statutory deadlines in the reporting period, up from 89% in Q1 of 2022/23

Source: 
https://www.fca.org.uk/firms/cryptoassets-aml-ctf-regime/feedback-good-poor-applications​
https://www.fca.org.uk/publication/annual-reports/annual-report-2023-24.pdf

​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.

Don't forget to sign up to our Newsletter (we don't spam) by clicking here.  We use MailChimp, which means you can unsubscribe whenever you like.​

​Welcome to the version 9.0 of Fintech UK's and CompliReg's (a leading provider of fintech consulting services to crypto asset firms) UK FCA registered Cryptoasset Firms Map.

How many registered cryptoasset firms are there in the UK?

How many unregistered crypto firms appear on the FCA register?
There are now, as at 27 March 2024, 69 'unregistered cryptoasset firms according to the latest FCA records.  Now while this is steady since the publication of the Version 8.0 Map, two new companies now appear on the unregistered list, being:



The number of 69 unregistered firms is a significant reduction since the time we released Version 1 when there were 218 (thereabouts) unregistered cryptoasset business that appeared to the FCA to be carrying on cryptoasset activity but not registered with the FCA for anti-money laundering purposes.  

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.

Welcome to the version 8.0 of Fintech UK's and CompliReg's (a leading provider of fintech consulting services to crypto asset firms) UK FCA registered Cryptoasset Firms Map.

How many registered cryptoasset firms are there in the UK?

There are now 43 registered Cryptoasset firms appearing on the Financial Conduct Authority's (FCA) website as at 27th January 2024. The last firm registered was on 31 October 2023.  There have been no firms registered by the FCA since the start of 2024.

PayPal UK gets registered but has been ordered to cease on-boarding new customers and restrict existing customers

Joining Version 8.0 is PayPal UK Limited.  The FCA register records its registration effective 31st October 2023.  

While registered by the FCA, PayPal's UK crypto operations has been hit with a several restrictions.  It is prohibited, without permission from the FCA, to provide certain services to new and existing customers and specifically it has been ordered to cease on-boarding new customers and restrict existing customers to hold and sell functionality and further PayPal UK cannot expand its current offering in cryptoassets, including, but not limited to:

1. Operating a machine which utilised the automated process to exchange cryptoassets for money or money for cryptoassets.
2. Facilitating or participating in decentralised finance activities such as Cryptoasset lending and borrowing.
3. Facilitating the peer-to-peer exchange of cryptoassets.
4. Participating in staking.
5. Participating in initial coin offerings.

Two cryptoasset firms lost their registration in 2023

During 2023 two registered crypto lost their registrations:

(1) BottlePay Limited originally registered on 17 December 2021 which closed its app to UK customers on 24th July 2023; and
(2) Digivault Limited originally registered on 12 May 2021 which went into insolvency administration on 19 April 2023.   

How many unregistered crypto firms appear on the FCA register?
There are now, as at 27 January 2024, 69 'unregistered cryptoasset firms according to the latest FCA records, which is an increase from 64 from when we published the last of the Fintech UK Registered CryptoAsset Map.  Over time, some firms will disapper from the unregistered list and some will join it.

The six (6) firms that have been added to the FCA register to take the number to 69, include: WeBuyXMR-Alex; Alphachain Traders Limited; Alphachain Capital Limited; Lykke Corp UK Limited; BTC-Firm; and Ex Markets.   

The number of 69 unregistered firms is a significant reduction since the time we released Version 1 when there were 218 (thereabouts) unregistered cryptoasset business that appeared to the FCA to be carrying on cryptoasset activity but not registered with the FCA for anti-money laundering purposes.  

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.

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 6.0)!
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Welcome to the version 6.0 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 41 registered Cryptoasset firms appearing on the Financial Conduct Authority's (FCA) website as at Saturday 31st December 2022.  Joining Version 6.0 are three new entrants - Tullett Preborn (Europe) Ltd, MoonPay (UK) Ltd and Hidden Road Partners CIV UK Ltd.    The FCA register records their registrations effective 21st November, 9th December and 20 December 2022, respectively.

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 (01 April 2023), that number has decreased to 82.  

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,  Zodia Markets (UK) Limited, Foris DAX UK Ltd (aka Crypto.com), Revolut Ltd*, Tullett Preborn (Europe) Ltd, MoonPay (UK) Ltd and Hidden Road Partners CIV UK Ltd.

* Revolut group still has not achieved its much talked about ambition of securing a bank authorisation in the UK.  ​

We are looking forward to seeing how many more will be registered during 2023.  Thus far, there have been no registrations in 2023.

The post accompanying Version 6 appears at:

• ​CompliReg: https://complireg.com/blogs--insights/tullett-prebon-moonpay-and-hiddenroad-join-fintech-uks-whos-who-of-uk-registered-cryptoasset-map-version-60-saturday-1st-april-2023​
• Linkedin: https://www.linkedin.com/posts/peteroakes_cryptoasset-cryptomap-cryptofirms-activity-7048281954894368768-VbNC?utm_source=share&utm_medium=member_desktop

​
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 

Version 3 of the Map and the Blog of 28 July 2022 - located here

Version 4 of the Map and the Blog of 20 September 2022 - located here

Version 5 of the Map and the Blog of 26 September 2022 - located here

List of ​Unregistered Cryptoasset Businesses as of today - located here

Postscript - Letter issued by UK FCA on 5 April 2023 to UK and overseas cryptoasset firms on financial promotion rules - located here

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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 (26 September 2022), that number is steady at 246.  

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,  Zodia Markets (UK) Limited, Foris DAX UK Ltd (aka Crypto.com) and Revolut Ltd.

And of course the Revolut group is still pursing its much talked about bank authorisation in the UK.  ​

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

The post accompanying Version 5 appears at:

• ​CompliReg: https://complireg.com/blogs--insights/revolut-finally-joins-the-uk-registered-cryptoasset-map-version-50-monday-26th-september-2022
• Linkedin: https://www.linkedin.com/posts/peteroakes_cryptoasset-fca-cryptoasset-activity-6980821130584412160-_63O?utm_source=share&utm_medium=member_desktop

​
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 

Version 3 of the Map and the Blog of 28 July 2022 - located here

Version 4 of the Map and the Blog of 20 September 2022 - located here

List of ​Unregistered Cryptoasset Businesses as at 20 September 2022 - located here

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 4.0)!

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Welcome to the fourth edition (version 4.0) 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 37 registered Cryptoasset firms appearing on the Financial Conduct Authority's (FCA) website as at Tuesday 16th August 2022.  Welcome to Crypto.com.   The FCA register records Foris DAX UK LTD (aka Crypto.com) registration effective 16th August 2022.  

We will not repeat what we said in our previous Blogs, such as Version 3.0 Blog. You can read the Version 3.0 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 (20 September 2022), that number has decreased  to 246.  On both 18th and 28th July 2022 the figure was 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, DRW Global Markets Ltd,  Zodia Markets (UK) Limited and Foris DAX UK Ltd (aka Crypto.com).

Revolut Ltd, as of today, is the only firm listed on the Temporary Registration list and has been on that list nine months (first listed on December 2021).  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 4 appears at:

• ​CompliReg: https://complireg.com/blogs--insights/uk-registered-cryptoasset-map-version-40-tuesday-16th-august-2022​
• Linkedin: https://www.linkedin.com/posts/peteroakes_cryptoasset-fca-crypto-activity-6978010345650958336-dlTR?utm_source=share&utm_medium=member_desktop

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 

Version 3 of the Map and the Blog of 28 July 2022 - located here

List of ​Unregistered Cryptoasset Businesses as at 20 September 2022 - located here



​

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

Here it is!

Released yesterday, A new Consumer Duty Feedback to CP21/36 and final rules Policy Statement PS22/9 27 July 2022.  See link to FCA page at end of this blog.
 
Final rules and guidance in UK for a new Consumer Duty (‘the Duty’) that will set higher expectations for the standard of care firms give consumers.
 
UK firms need to understand their customers’ needs and to have the flexibility to support them with certainty of the FCA's expectations, so they get good outcomes.
 
Under the Duty, firms will need to assess and evidence the extent to which and how they are acting to deliver good outcomes. Combined with the FCA's more data‑led approach, this should enable the FCA to more quickly identify practices that negatively affect those outcomes and to intervene before practices become widespread
 
 
Who this affects?

• regulated firms, including those in the e‑money and payments sector
• consumer organisations and individual consumers
• industry groups/trade bodies
• policy makers and regulatory bodies
• industry experts and commentators
• academics and think tanks

 
What is changing?
 Introducing rules comprising:

1. A new Consumer Principle that requires firms to act to deliver good outcomes for retail customers
2.  Cross‑cutting rules providing greater clarity on FCA expectations under the new Principle and helping firms interpret the four outcomes (see below). The cross‑cutting rules require firms to:

 

• act in good faith
• avoid causing foreseeable harm
• enable and support retail customers to pursue their financial  objectives

 
Rules relating to four outcomes the FCA wants to see under the Duty. 
These represent key elements of the firm‑consumer relationship which are instrumental in helping to drive good outcomes for customers.
 
These outcomes relate to:

1. products and services
2. price and value
3. consumer understanding
4. consumer support

 
The rules require firms to consider the needs, characteristics and objectives of their customers – including those with characteristics of vulnerability – and how they behave, at every stage of the customer journey. As well as acting to deliver good customer outcomes, firms will need to understand and evidence whether those outcomes are being met.
 
Implementation timetable:
 Firms will need to apply the Duty to new and existing products and services that are open to sale (or renewal) from 31 July 2023. The FCA has given firms longer, until 31 July 2024, to apply the Duty to products and services held in closed books.)

​Click here for Consumer Duty Feedback to CP21/36 and final rules Policy Statement