A New Crypto Pay Firm That Has Won The UK Regulatory Registration!
A new crypto pay firm that has won the UK Regulatory registration! The company was registered with the Financial Conduct Authority on Friday, which means it complies with money laundering rules.
Cryptocurrency payment app MoonPay has received a secure registration with the UK’s Financial Conduct Authority (FCA), which indicates compliance with the country’s money laundering laws. The company, which provides a programming interface that manages customer identification and fraud procedures, has been in the FCA register since December 9.
It joins crypto exchange Bitpanda, fintech firm Revolut and financial services provider Tullett Prebon to take the stage that has seen many crypto companies fall by the wayside. Speaking to lawmakers on Wednesday, FCA officials said only 5% of applications received under the recent temporary registration scheme for the crypto sector were up to snuff. “73% of applications are withdrawn or fail,” FCA director Sarah Pritchard told MPs on the House of Commons Finance Committee. “This is the highest stop or drop rate we’ve had when we take on a new issue like this.”
The FCA currently has regulatory powers over crypto companies, but is expected to be given new powers when parliament passes the Financial Services and Markets Act.