The U.K.’s financial regulator has been forced to extend a registration deadline for cryptocurrency firms by nearly nine months because so few have been able to meet even basic anti-money laundering (AML) requirements.

The Financial Conduct Authority (FCA) changed the end date of its temporary registrations regime for existing cryptoasset businesses from July 9 to March 31, 2022, because “a significantly high number” of businesses cannot meet the required standards.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...