According to CoinDesk, the UK Financial Conduct Authority (FCA) stated in its annual report released on Thursday that it is designing prudent rules for companies engaged in cryptocurrency activities. Once "strengthened and included in regulation by Parliament," the FCA will consult on prudent rules for cryptocurrency companies. The FCA has already established prudent systems for investment companies such as fund management companies, asset management companies, and trading companies based in the UK. This system requires companies to assess capital adequacy and risks, potential harm to investors, and provide appropriate resources to mitigate harm. The FCA has issued a notice to companies that have business dealings with cryptocurrency companies, urging them to "have appropriate systems and control measures to address financial crime risks" and review whether the companies they work with are registered cryptocurrency companies.
According to reports, FCA leader Nikhil Rathi stated on Wednesday at a special committee in Poland that the FCA will not be influenced by the size of cryptocurrency companies when evaluating registration applications. Since opening registration two years ago, the FCA has successfully received 300 applications from cryptocurrency companies, but only 42 companies have completed registration.