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

Very positive news for UK Fintech and financial services firms in the UK plus a strong signal to the international markets that the UK fully appreciates the importance of competition and innovation following news that HM Treasury, upon advice of the Board of the Financial Conduct Authority (FCA), has appointed Christopher Woolard as Interim Chief Executive.

Chris will take on the Chief Executive role following Andrew Bailey’s departure to become Governor of the Bank of England. Chris is currently the FCA’s Executive Director of Strategy and Competition and an Executive member of the FCA’s Board.

Charles Randell, the FCA’s chair, said: 'I’m looking forward to working with Chris in his Interim Chief Executive role. I’m confident that he and Executive Committee colleagues will continue to deliver our ambitious plans for change in 2020 and beyond, building on the foundations laid by Andrew Bailey.'
Chris Woolard, said: 'I’m delighted that I’ve been asked to take on this role. We have a huge job to do and I’m looking forward to working with the Board and colleagues across the FCA as we continue to deliver the FCA’s mission.'

Christopher Woolard’s CV:

• As Executive Director of Strategy and Competition, Chris is responsible for the FCA’s policy output, its work on innovation, competition and economics and for helping direct the strategy for the financial regulator. Chris joined the Financial Services Authority in 2013, to help lead the creation of the FCA. Before that, Chris worked at Ofcom (2009-2012), the BBC (2005-2009) and in the civil service (1995-2005).
• Chris is also currently a non-executive member of the Payment Systems Regulator Board.
• The Chief Executive of FCA is a public appointment made by HM Treasury.
• HM Treasury will be running an open competition for the permanent Chief Executive and further details will be announced in due course.

Source: https://www.fca.org.uk/news/press-releases/christopher-woolard-appointed-interim-chief-executive

Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com

​Financial firms in Britain should be ready in case no trade agreement is struck with the European Union by December, a senior UK regulator said on Thursday.

Britain leaves the EU next week, followed by a “business as usual” transition that ends in December. Britain and the EU will formally begin trade talks in coming weeks.

“Firms still need to ensure they are prepared for a range of scenarios that may happen at the end of 2020– and this includes the scenario in which the activities they conduct might not be covered by agreements reached between the UK and the EU.,” said Nausicaa Delfas, executive director of international at the Financial Conduct Authority.

Britain has already put all EU financial rules into UK law, which means it will have “the most equivalent framework to the EU of any country in the world,” Delfas told an event held by law firm BCLP.
Britain will also need to decide whether EU-based financial firms can have access to UK investors under the same equivalence system it has inherited by adopting the EU laws.

Ms Delfas clarified that “[w]ith the withdrawal agreement between the UK and the EU now likely to be passed, this will mean that:

• A “no deal” exit will not happen at the end of January 2020 and we will enter an implementation period.
• EU law will continue to apply throughout 2020, and passporting will continue as now during that time. Consumers’ rights and protections will also remain unchanged.

It also means that:

• The UK and the EU will begin discussions on the future relationship including the Political Declaration commitments to conduct mutual equivalence assessments by mid-2020.
• Firms still need to ensure they are prepared for a range of scenarios that may happen at the end of 2020 – and this includes the scenario in which the activities they conduct might not be covered by agreements reached between the UK and the EU."

 
Source: https://www.fca.org.uk/news/speeches/global-regulation-local-solutions
Source: https://uk.reuters.com/article/uk-britain-eu-markets/uk-watchdog-tells-markets-be-ready-in-case-of-no-deal-brexit-idUKKBN1ZM152
 
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Posted by Peter Oakes (www.peteroakes.com)
- thanks to Quent Rickerby (Linkedin Post) 
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com