FCA tackles ‘operational backlog’ with 100 crypto staff
The UK’s Financial Conduct Authority (FCA) says it is clearing an ‘operational backlog’ by approving an increasing number of registering crypto firms and growing its crypto capability to 100 employees. In a speech given yesterday, the FCA’s joint executive director of enforcement and market oversight, Steve Smart, said that crypto firms are registering with the regulator at an increased rate thanks to the FCA helping them to better navigate its registration process. Smart said that prior to this, “some 86% of the initial crypto registrations we received were rejected, withdrawn or refused.” He said a total of 44 crypto firms are now registered with the FCA while the watchdog works “to eliminate our operational backlog.” To help it relieve this logjam, the Financial News (FN) reported today that the FCA has increased its crypto staff to 100 and that the fastest-growing crypto team in the organization is its policy department . FCA too slow on crypto enforcement, says UK...