Crypto firms may want to register somewhere they can receive more prompt attention, law firm warns.
The United Kingdom’s Financial Conduct Authority (FCA) takes over a year to process a crypto asset exchange or custodian wallet provider’s registration application, based on an average of wait times over the past three years, law firm Reed Smith determined. After a slew of application withdrawals, few new ones are being received.
Reed Smith made a Freedom of Information request to obtain three years’ worth of data for a survey of FCA activities, the Financial Times reported.
It has taken an average of 459 days to process a crypto firm’s registration in the last three years. The agency has spent 25 years of manpower on the applications, the law firm discovered. While the agency is picking up its pace, the long wait has implications, Reed Lewis partner Brett Hillis said:
