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

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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

The UK’s fintech sector saw investment drop $22 billion to $17 billion in 2022, as higher interest rates, inflation, and declines in valuations hit investor appetite. 

A total of 593 UK fintech deals were completed in the UK in 2022, down from 724 in 2021, according to KPMG’s Pulse of Fintech report published Wednesday. The dataset includes mergers and acquisitions, private equity, and venture capital. 

Funding for the sector in 2022 was a tale of two halves according to Karim Haji, a partner at accountancy firm KPMG. The first half of the year saw significantly more investment and deals than the second half.
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“The variance highlights the shift in investor sentiment in the face of increasing geopolitical challenges leading to the lack of IPO exits, the downward pressure on valuations, and market turbulence,” he said.

Global investment in crypto and blockchain firms fell from $30 billion in 2021 to $23.1 billion in 2022. Scrutiny in the space picked up as the price of digital assets slumped and the bankruptcy of FTX upended the market.

While British fintechs attracted more funding than their counterparts in the rest of EMEA combined, other fintech hubs are starting to catch up. The value of French fintech deals rose 28% to $3.7 billion last year, according to the KPMG analysis. Deals in Sweden, the home of Klarna, hit $3.7 billion, up from $2.6 billion. 

UK startups and investors are increasingly expressing concern over recent government policies that appear to run counter to the country’s ambition of remaining a global fintech leader. They point to examples including the recent pulling of crucial funding to the government-backed industry body Tech Nation, the lack of visas to attract startup talent, and the removal of tax relief for research and development. 

Worldwide, the fintech market attracted $164.1 billion across 6,006 deals in 2022. This was down from $238.9 billion across 7,321 deals a year earlier.


Source - ​https://www.bloomberg.com/news/articles/2023-02-15/uk-fintech-investment-plummeted-by-almost-60-in-2022-kpmg-says

If you are looking to establish your Fintech in the UK, Ireland or the US, get in contact with Peter Oakes at Armstrong Teasdale.  Our fintech practice has significant cross-disciplinary, cross-border experience essential for established financial services and private equity firms, investors, retailers and other companies accepting digital currency, and startup companies developing the disruptive technologies at the heart of the field’s rapid evolution. 

The UK continues to be ranked as one of the most fintech-friendly countries in the world.

The sector is home to many of the world’s largest fintech companies and is comprised of more than 1,600 firms – a number projected to double by 2030. It is well reported that the UK is a top financial technology hub, but why? 

In terms of fintech investment per capita and as a percentage of GDP, the UK is second only to Singapore.

This comment by the author, Jonathan Warren in the FT Adviser, sums it up:

"It is no coincidence that Singapore and the UK, where fintech investment is highest as a percentage of GDP, have globally respected regulatory frameworks, good infrastructure, and political, economic, legal, and social stability."

Further, the UK is a global fintech hub, with extensive financial services experience, technological talent and progressive regulation.

The UK fintech sector is the top-ranking investment destination in Europe with £3 billion venture capital attracted in 2020. It accounts for more deals and capital invested than Germany, Sweden, France, Switzerland and the Netherlands combined and ranks second globally only behind the US. The UK also has access to world-class talent and a progressive approach to regulation to encourage fintech innovation.  [Postscript 15 February 2023 -  despite investment in UK fintech falling in 2022, British fintechs attracted more funding than their counterparts in the rest of EMEA combined.] 

The UK’s finance and tech sectors and a world-class university system provide a large pool of talent for fintech. Around 76,500 people across the UK work in the industry with this set to grow to 105,500 by 2030. The Global Talent Visa in digital technology is set to attract and fast-track digital tech talent from around the world.

UK fintech sector benefits from a supportive regulatory system. The Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England are heavily involved in build a competitive and innovation-friendly [and I hasten to add a resilient and robust] business environment. This helps companies grow and develop their fintech business in the UK.

The UK has entered 5 fintech bridge agreements with other fintech hubs including Singapore, South Korea, China, Hong Kong and Australia. These bespoke agreements create valuable opportunities for expansion and collaboration by reducing barriers to international markets.

Some of the opportunities in FintechUK are:

• Payment technology (Paytech)
• Wealthtech
• Credit and lendingtech
• Digital banking
• Distributed Ledger Tech (DLT)
• Digital Assets
• Digital / Crypto Currencies
• Proposed UK Digital Pound 

Read more at:

• https://www.armstrongteasdale.com/fintech/
• https://www.linkedin.com/posts/peteroakes_fintech-irishfintech-fintechbridge-activity-7034065608975511552-SGz1
• https://www.ftadviser.com/investments/2023/01/30/why-is-the-uk-so-successful-in-fintech/
• https://www.great.gov.uk/international/content/investment/sectors/fintech/

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Posted by Peter Oakes FintechUK.com