The UK Financial Conduct Authority (FCA) is expanding its cryptocurrency team to 100 employees to accelerate the approval of registered cryptocurrency companies and clear the backlog of operations. Currently, the FCA has registered 44 cryptocurrency firms. This move is in response to criticism from the UK National Audit Office in December last year, which pointed out that the FCA's actions in cryptocurrency enforcement were slow and more staff knowledgeable in cryptocurrencies are needed to prevent registration delays.

On June 27, according to Protos, the Financial Conduct Authority (FCA) of the UK announced that to clear the backlog of operations, FCA is accelerating the approval of registrations for cryptocurrency companies and expanding its cryptocurrency team to 100 employees. Currently, there are 44 cryptocurrency companies registered with FCA. In December last year, the National Audit Office of the UK criticized FCA for acting too slowly in cryptocurrency enforcement and pointed out the need for more staff knowledgeable in cryptocurrencies to prevent registration delays.

UK Financial Conduct Authority expands crypto team to cope with operational backlog