A new report suggests that crypto firms are not fully prepared for the upcoming regulation they must comply with to provide services to customers in the UK.
Accordingly fruit juice and according to the UK Regulatory Readiness Assessment survey, only one in ten platforms believe they are fully prepared for the regulatory regime. UK FiFinancial Conduct Authority The application platform is scheduled to open in September, and around 60% of companies are still evaluating the rules.
While 9 out of 10 companies participating in the survey stated that they would apply, only 10% reported that they were fully ready for compliance.
Full implementation of the regulatory framework will occur in October 2027, so there is some time left.
Half of the crypto companies surveyed are said to have concerns about financial penalties or regulatory sanctions, while the same percentage are worried about loss of revenue or market share.
Zumo says the survey shows “the gap between ambition and companies’ current preparedness.”
Zumo Founder and Chief Executive Nick Jones says there’s a difference between “ambition and execution.”
Zumo is a company that aims to partner with cryptocurrency firms looking to offer services in the UK.
