Only 14% of crypto-asset business registrations submitted to the FCA have been approved by the regulator since it became the crypto market supervisor in 2020.

The FCA has tightened its rules on firms’ ability to approve financial promotions for unauthorised persons.

The FCA and its Practitioner Panel are set to launch a joint survey of 25,000 regulated firms shortly to seek feedback on how the FCA is regulating the sector.

The Financial Conduct Authority cancelled the registration of more than 440 mutual societies last year, most of which had already been wound up.