The UK entity of crypto payment processor MoonPay has received the UK’s Financial Conduct Authority (FCA) license. Moonpay (UK) Limited appeared on the Registered Cryptoasset Firms list on 9 December 2022 and is the 40th cryptocurrency service provider authorized by the UK watchdog. It joins the likes of crypto ventures Bitpanda, Revolut, and Skrill.
According to a recent disclosure by the FCA, only 5% of applications received under a revised crypto sector registration regime were satisfactory. FCA’s executive director for markets, Sarah Pritchard, further noted that “73% of applications have either been withdrawn or have failed. That is the most significant withdrawal or failure rate that we’ve had when taking on a new remit such as this.”
As it stands, the FCA wields limited oversight over the crypto industry but expects to receive new powers upon enacting the Financial Services and Markets Bill.
