Information on crypto asset businesses - October 2022

We can confirm that 291 applications have been received under the 5th Anti-Money Laundering Directive (5MLD).

38 firms have been registered.

We would like to explain that we do not decline firms, we have however refused 5 applications.  This is based on the applicants not meeting the conditions for registration under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the payer) Regulations 2017 (MLRs).

In addition, we have rejected 22 applications.  Firms are required to provide the minimum information set out under regulation 57 of the MLRs, any firm that has not provided the required information will have their application rejected.

155 firms have withdrawn their applications.  Firms can withdraw at any time during the registration process, common reason for doing this include:

• Not having all the information, we require and so deciding to resubmit an application later.
• Not meeting the perimeter of carrying on business in the United Kingdom as defined under regulation 9 of the MLRs.
• Not meeting the definitions of a cryptoasset exchange provider and/or custodian wallet provider as defined under regulation 14A of the MLRs.
• Understanding that registration is likely to be refused.
• Not meeting the MLRs