FINTECH UK

The latest FINTECH UK Map of UK Registered CryptoAsset Firms is out. Have attached Version 11 below. There are now 45 registered #cryptoasset firms appearing on the Financial Conduct Authority's website as at 18th October 2024. This is an increase since version 10 was issued. Welcome ComplyCrypto Depository to the Map. ComplyCrypto Depository is a partnership between Gentium UK and Complyport Limited. It aims to establish itself as a leader in the UK’s #cryptocompliance market, focusing on transparency, regulatory compliance and innovation. Richard Strike, Managing Director of ComplyCrypto stated, “ComplyCrypto’s mission is to ensure that the growing cryptocurrency marketplace is safer for the economy and society as a whole". Paul Grainger, Chairman of Complyport and Director of ComplyCrypto, expressed gratitude to the FCA for their “invaluable technical guidance and advice, their professionalism and patience throughout the registration process.” That is good to hear as quite a few cryptoasset wannabes who fail to get registered in the UK don't seem to share the say supportive words for the UK Financial Conduct Authority. Wish you guys all the best and well done getting through the UK FCA process! The #FintechUK map is supported by CompliReg and MiCA Ready. When looking at the date of registrations of all UK #digitalasset firms, what years saw the most registrations? Of the 48 that have achieved registration: * 2021 saw 25 firms receive their cryptoasset registration (just over 50% of the total number of registrations were achieved that year) * 2022 was the second best performing year when a quarter of total registrations - 12 - were achieved. * 2020 and 2023 each saw just 4 registrations . * 2024 thus far not looking too good with only 3 registrations achieved. What explains the big difference in the total number of registrations in 2021 and 2022 compared to say 2023? Also worth noting that 3 firms registered in 2021 are no longer registered ((Digivault, BottlePay and Genesis Custody). Enjoy the Map and read further here https://lnkd.in/e5Q3XxPW. You can also find previous versions of the Map here https://lnkd.in/ezzpXk7M. In the comments, I placed a copy of Ireland's #VirtualAsset Services Provider Map. Ireland is home to 15 cryptoasset firms. Mark Quirk Nick Maybin Tim B. [PS. Just yesterday the FCA's Val Smith (Head of payments and digital assets, authorisations division) wrote a piece titled "Cryptoasset registrations: building strong foundations". I put the link in the comments.]

Interesting. One does wonder if these were #fintech payments companies: 1) would the article use "unwittingly" in the headline? 2) how long would it take for there to be calls to close them down? #sanctions FINTECH UK https://lnkd.in/eS2epmW8

FINTECH UK has just issued Version 10 of its 'Who's Who UK Registered #Cryptoasset Firms'. Welcome to ABEX - Algorithmic Best Execution (ABEX Capital UK) to the Map. ABEX appears following a strategic exercise involving formerly registered entity Rubicon Digital UK Limited as at 27 August 2024. Erkan Kaya, CEO and Co-Founder of ABEX, stated: “Owning an FCA registered entity is an exciting milestone for ABEX, reinforcing our commitment to delivering institutional-grade, best execution services for digital assets under regulatory supervision. This status aligns seamlessly with our strategic vision of not only servicing our institutional clients in a transparent and fully auditable fashion but doing so to standards which meet the requirements of a major regulator.” This is good news considering the recent Financial Conduct Authority annual report for 2023/24 stated that "Over 87% of #Cryptoregistrations were withdrawn, rejected or refused for weak money laundering controls.". In fact in the 12 months to 1 September 2024 35 #crypto applications were received by the UK FAC * 13% were authorised (that is just 4 firms), * 29% were rejected, * 48% were withdrawn, and * 10% were refused. It goes to show that quality applications, including were there is a change of controller, will succeed where sufficient time and effort is put into meeting the regulatory requirements. Well done Erkan, Sam Senchal, Douglas Cullen, Christian Gressel, Konstantin Antropov and the entire team at ABEX. The statistics show that this is 'no mean feat'! Map - https://lnkd.in/eTpEPBey FCA data - https://lnkd.in/e3R9-tgX

The Big R, Revolut. secures $45bn valuation in share sale by employees and defies the broader #fintech downturn across the sector. * Coatue, D1 Capital Partners and Tiger Global were among the institutional investors who bought the shares from employees. * The $45bn valuation is higher than the $33bn Revolut achieved in a 2021 fundraising led by SoftBank and Tiger Global. * Revolut already has more than 45mn customers globally. * In the UK, where it was founded in 2015, the company has about 9mn customers and Revolut says it has 2.7mn users in Ireland. * Securing the coveted UK licence has been seen as a vote confidence that will boost Revolut’s chances of becoming regulated as a bank in other markets such as the US. Yet according to Lex in the Financial Times, #Revolut’s banking licence won’t silence doubters. It also has a piece on "How Revolut finally won the licence to unlock growth in UK and beyond." Links: https://lnkd.in/epME-Hjt