App for cryptocurrency payments MoonPay acquired registration with the Financial Conduct Authority (FCA) of the United Kingdom, demonstrating compliance with national anti-money laundering laws.
As of December 9, the business is listed on the FCA’s register. It provides a programming interface that deals with procedures to identify clients and combat fraud.
It joins the likes of cryptocurrency exchange Bitpanda, financial technology company Revolut and financial infrastructure provider Tullett Prebon to achieve a status that has left many cryptocurrency companies behind. Speaking to lawmakers on Wednesday, FCA officials said only 5% of applications received under a recent temporary crypto sector registration scheme were up to the scratch.
“73% of applications have been withdrawn or failed,” Sarah Pritchard, the FCA’s executive director for markets, told the House of Commons Treasury Committee. “This is the highest withdrawal or failure rate we’ve experienced when taking on a new remit like this.”
The FCA presently has little control over the cryptocurrency business, but new powers are expected to be granted new powers when lawmakers pass the Financial Services and Markets Bill.