Emma RadmoreThe FCA has spoken about its approach to registration of crypto-asset firms, countering accusations that it is being too tough at the registration gateway and as a result stifling innovation. The FCA’s stance is that it does not turn down applications out of hand, but that it will not relax its standards and create “a race to the bottom”.
Val Smith, head of payments and digital assets, authorisations division, noted that the FCA had published useful guidance, but that no two applications are the same and that when considering an application the FCA will look not only on systems and controls but also at the environment the applicant works in, the people involved in the processes and the customers they want to reach.
The FCA will continue to register only firms that meet its standards and continues to encourage would-be applicants to read all its guidance and seek a pre-application meeting.