Cryptocurrency payments app MoonPay secured registration with the U.K.'s Financial Conduct Authority (FCA), signifying compliance with local money laundering rules.
The company, which provides a programming interface that deals with procedures to identify customers and fight fraud, appears on the FCA's register as of Dec. 9.
It joins the likes of crypto exchange Bitpanda, financial technology company Revolut and financial infrastructure provider Tullett Prebon in gaining a status that has seen many crypto companies fall by the wayside. Speaking to lawmakers on Wednesday, FCA officials said that only 5% of applications received under a recent temporary registration regime for the crypto sector were up to scratch.
"73% of applications have either been withdrawn or have failed," Sarah Pritchard, the FCA's executive director for markets, told lawmakers on the House of Commons Treasury Committee. "That is the most significant withdrawal or failure rate that we've had when taking on a new remit such as this."
The FCA currently has limited jurisdiction over the crypto industry, but is expecting to be handed new powers when lawmakers enact the Financial Services and Markets Bill.