Digital assets trade association CryptoUK has called on U.K. Chancellor of the Exchequer Rishi Sunak to act over delays for startups registering for the Financial Conduct Authority’s (FCA) Money Laundering Registration (MLR) regime for crypto-asset businesses.
In a letter to Sunak, shared on the group’s website, CryptoUK Chairmen Ian Taylor says the U.K. is “missing out on a major opportunity” as crypto companies trying to sign up under the new regulatory regime experience an “arduous process” and with most of the group’s members having received little or no response from the FCA.
So far, only four out of 200 applications have seen a decision, claimed Taylor, adding, “For some, more than 8 months have elapsed without a single response from the regulator.”
