Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many (a) civil and (b) criminal penalties have been imposed by the Financial Conduct Authority on cryptoasset businesses for breaches of a relevant requirement under regulation 86 of the Money Laundering Regulations 2017, as amended, in (i) 2020, (ii) 2021 and (iii) 2022.

Legislation to bring certain cryptoasset activities into the UK Anti-Money Laundering (AML) regime came into effect in January 2020. To date 38 cryptoasset firms have been able to meet the registration criteria and have been registered to legally undertake crypto asset business in the UK. The FCA will continue to supervise them against the requirements in the Money Laundering Regulations.

The FCA has not taken enforcement action for breach of a relevant requirement under Regulation 86.

The FCA has used its supervisory tools under the MLRs, such as the Power of Direction (under Regulation 74C) in order to ensure firms reach the standards required under the MLRs.