Information on registration applications under 5MLD for the use of cryptoassets - June 2022

For each year since 10 January 2020:

1. How many registration applications have been made under 5MLD for the use of cryptoassets in the UK?
2. How many of these applications were successful?
3. How many applications were rejected or refused?
4. How many applications currently remain pending?

Question a)

We can confirm that 273 applications for registration have been received under the 5th Anti-Money Laundering Directive (“5MLD”). This includes 106 firms with temporary registration by virtue of being in the Temporary Registration Regime (“TRR”).

Questions b) and c)

Please see the table below, which displays the number of applications which were approved, withdrawn, rejected and refused.

*Withdrawn applications – firms can request to withdraw their applications at any time during the registration process. Common reasons 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 Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“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.

**Rejected applications – firms are required to provide the minimum information set out under regulation 57 of the MLRs. Firms that have not provided the required information have their applications rejected.

***Refused applications – applications which have been refused on the basis that the applicant has not met the conditions of registration.

Question d)

As at 10 May 2022, 74 applications remain pending.