Information on cryptoasset firms -January 2025

Reference Case Number: FOI11909

Freedom of Information: Right to know request:

In how many instances did the FCA use the Skilled Person Review – Regulation 74B of the MLRs to appoint, or require the cryptoasset business to appoint, a skilled person to prepare a report for the FCA concerning a matter under the MLRs in 2020, 2021, 2022, 2023 & 2024?
In how many instances did the FCA use the Power of Direction - Regulation 74C of the MLRs to give a direction (which is similar to the requirement power under section 55L(3) of FSMA) to a business before, on or after registration to a business for the purpose of:
1. Remedying a failure to comply with the MLRs.
2. Preventing a failure to comply or continued non-compliance under the MLRs.
3. Preventing business from being used for ML/TFin 2020, 2021, 2022, 2023 & 2024.
Responses are in the links below.

Question 1 Response.

We can confirm that the FCA used Regulation 74B of the MLRs in one instance during the time frame requested, broken down as follows:

Question 2 Response.

The FCA used Regulation 74C of the MLRs in 45 instances during the timeframe requested, broken down by year as follows:

Date of Release: 16/01/2025