Cryptoasset AML / CTF regime: feedback on good and poor quality applications

Feedback on good and poor quality applications made to us under money laundering regulations. Read this feedback to help you prepare your application for registration.

Digital asset authorisations information session

Expressions for interest for our 9 May 2025 event and virtual information sessions are now closed. Invitations will be circulated for these events soon. We intend to host an information session at our Edinburgh office in autumn 2025. Further details will be provided in due course, including how to register your interest.

This feedback is not exhaustive and should be viewed together with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (MLRs), relevant guidance and the information on our website about registration applications from cryptoasset businesses. 

The FCA will take all relevant matters into account when assessing applications for registration.

The standards we hold firms to are important for protecting people and our markets, as well as supporting the industry's growth and competition. Read more about the harms we see in the market in our cryptoasset registration blog.

Background and registration statistics

The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of UK cryptoasset businesses since 10 January 2020.

See a summary of the applications for registration that we have received and the outcomes of the applications that have been determined, as at 9 February 2025.

 Last monthPrevious 12 monthsSince Jan 2020
Applications received230368
Applications determined 
Registered15 (16%)50 (14%)
Rejected09 (28%)44 (13%)
Withdrawn116 (50%)244 (69%)
Refused02 (6%)13 (4%)
Total232351

About the data

We have rejected submissions that didn’t include key components necessary for us to carry out an assessment, or the poor quality of key components meant the submission was invalid.

The table does not include information on any appeals following our decisions to refuse applications.

Who this is for

  • current and potential cryptoasset applicants
  • consultants and trade associations

Before preparing an application

When preparing an application

When submitting an application

While we are assessing the application

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