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The UK Financial Conduct Authority (FCA) has taken the equivalent of 25 years to process incoming crypto applications, according to a freedom of information request (FOI). It has also been reported that the number of crypto firms registering with the FCA has fallen by 51% in the past three years and that 186 have withdrawn their applications to the financial regulator. This has raised concerns about whether the lengthy timescales are forcing crypto asset firms to look elsewhere for a place to do business.   According to the Financial Times, the FOI submitted by the Law firm Reed Smith revealed that assessing a crypto application took the FCA an average of 459 days . The number of submitted applications dropped to 29 between May 2023 and April 2024, down from 42 and 59 in the two years prior. Only seven applications were made in the first quarter of 2024.  UK’s first crypto ATM charge claims phone shop owner laundered $400K Read more: FCA tackles ‘operational backlog’ with ...

Societe Generale-Forge, a subsidiary of France’s third -largest bank , has obtained registration with the Autorité des marchés financiers (AMF), the French financial markets regulator, as a digital asset service provider. Societe Generale’s Subsidiary Registers as Digital Asset Service Provider The digital asset subsidiary of Societe General Group, Societe Generale-Forge, is now registered with France’s financial regulator, the Autorité des marchés financiers (AMF). Societe Generale is France’s third-largest bank by total assets. According to the AMF’s list of registered Digital Asset Service Providers (DASPs), Societe Generale-Forge obtained registration on Sept. 27. The company is now authorized to offer digital asset custody service, the purchase and sale of digital assets for legal tender , and the trading of digital assets against other digital assets in France. Societe Generale-Forge provides issuers and investors with end-to -end services to...

Gold bug and economist Peter Schiff says there are two possible outcomes of the Federal Reserve’s action on the U.S. economy. One outcome leads to “a massive financial crisis and severe recession” as stocks, bonds, and real estate crash. In the second outcome, “the world will run away from the dollar,” the economist stressed. Peter Schiff on U.S. Economy: Two Possible Outcomes Gold bug and economist Peter Schiff continued to share his view on the U.S. economy and the Federal Reserve’s efforts to bring down inflation this week. Regarding where the U.S. economy is headed, he tweeted Saturday that “There are two possible outcomes.” Describing one of the outcomes, he detailed: The Fed succeeds in returning inflation to 2%. Stocks, bonds, and real estate all crash, ushering in a massive financial crisis and severe recession that includes government defaults & spending cuts. Moving on to discuss the second outcome, he wrote: “Or ...