The FCA has been criticised by lawmakers and the crypto sector for being slow in processing licence applications and for rejecting swathes of applicants despite the UK government's push to make London a global crypto hub. "That is a benefit to the UK economy and UK financial service industry, and is good for competition, inward investment and growth." Crypto firms are scrutinised by the FCA for their ability to stop their operations being used for money laundering or financing terrorism. read moreMills said 95 people have been hired to the watchdog's authorisations team and the pending caseload has fallen by 40%. Mognetti said the European Union's new set of 'MiCA' rules for fully licensing crypto firms will put the EU at an advantage over Britain.

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