Only five companies remain on the FCA’s application list in the UK so far…
CEX.I0, Copper Technologies, GlobalBlock, Revolut and Moneybrain are the companies still on the list FCA . Kingdom United until then. The agency has extended the deadline, which was until March 31, to allow a dozen more companies to configure their applications within the requirements.
With the total number dropping from twelve to five, the number of firms that the Financial Conduct Authority (FCA) has allowed to offer cryptocurrency management to UK residents currently includes Revolut, CEX.IO, Globalock, Moneybrain and Copper, according to the agency’s summary. These five companies currently join 34 other companies recently supported by FCA.
Extending FCA Timeout in the UK
On March 30, the FCA had to expand the time limit for endorsing crypto activity, giving 12 companies more opportunities to get their applications on time.
Previously, the FCA deadline was set for March 31, but only 20% of organizations completed their recruitment, despite the primary 2020 statement.
A new FCA statement is also released in the same week as Her Majesty’s Wardrobe It stated that it changed its management structure to include stablecoins for installment purposes.
Only the Treasury Department has stated that it will work with the government to strengthen a management framework for crypto resources. The agency also reiterated its commitment to monitoring business and preventing fraudulent managers.
Administrative Structure of Her Majesty’s Treasury
As a feature of its long-term actions, HM Treasury further revealed that it will be hiring more expert hands to assist with space policing, which is unexpected given the position of the UK FCA regarding cryptocurrencies and missions across the country.
However, the Financial Conduct Authority (FCA) appears to be in a receptive position, having previously warned residents not to put money into cryptocurrencies, warning financiers not to prepare to lose all their money.
Crypto-asset exchange organization ITI Digital Limited received the endorsement on Thursday, bringing the absolute number of fully listed crypto companies to 34. It was the largest endorsement since February 25.
But what will be Her Majesty’s wardrobe?
The Treasury is the government’s Department of Economic and Financial Affairs, maintaining control over public spending, setting the direction of UK economic policy, and working towards strong and sustainable economic growth.
Responsibilities:
Public spending, including departmental spending, public sector salaries and pensions, annual managed expenditures (AME), capital investment and welfare policy.
Financial services policy, including the regulation of banking and financial services, financial stability, ensuring competitiveness in the city.
Strategic oversight of the tax system, with the UK’s FCA, including direct, indirect, commercial, real estate, personal and corporate taxation.
Deliver infrastructure projects across the public sector and facilitate private sector investment in UK infrastructure. Ensuring sustainable economic growth.
Priorities
Achieving strong and sustainable growth
Reducing the deficit and rebalancing the economy
Spend taxpayer money responsibly
Create a simpler and fairer tax system
Creating stronger and safer banks
Make corporate taxation more competitive
Make it easier for people to access and use financial services
Improving regulation of the financial sector to protect customers and the economy
Objectives
Put public finances on a sustainable footing.
Ensuring the stability of the macroeconomic environment and the financial system to allow strong, sustainable and balanced growth.
Increase employment and productivity and ensure strong growth and competitiveness in all regions of the UK through a comprehensive package of structural reforms.
Research sources: FCA UK and HM Treasury.
