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Tech Weekly: Investment boom in rapid grocery, and FCA gives breathing space for UK crypto firms

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Today Nasson talks to Lily Russell-Jones and Charlie Conchie about this week’s most important stories in crypto and fintech.

Lily explains the FCA’s decision to extend its deadline for crypto firms seeking regulatory approval; and Charlie goes through the latest valuations and funding rounds for rapid grocery delivery firms, and outlines whether their high-spend model is viable in the long-term.

Lily’s FCA deadline extension article, and Emily Hawkins and Charlie’s rapid grocery bubble article.

Episode transcript (auto-generated)

Host 0:07 Hello and welcome to Tech weekly, a podcast by City A.M. where we go through some of the most important stories in the worlds of tech, crypto, FinTech and beyond. If you’ve ever wondered how rapid grocery firms such as Getir and Gorillas operate whilst offering such substantial discounts for everyday products, then you’re not alone. Their rise to prominence over the last year has suddenly been something to watch. Some are worried the bubble might burst and questioning whether their operating model is indeed viable. I’ll be chatting to Charlie about a new funding round for the firm’s their lopsided financial margins and how they’re playing the long game. But first I’ll be talking to Lily about last week’s story regarding the FCA and its controversial deadline for crypto firms seeking regulatory approval in the UK. So Lily, what’s been going on this week in crypto?

Lily Russell-Jones 1:01 So again this week, a big story has been regulation. The UK financial watchdog the FCA u-turned on a deadline for crypto firms to secure full regulatory approval. So firms on the FCA temporary crypto register, were told they would need to wind down operations if they were unable to secure approval by the 31st of March. But as the deadline approaches week 12 of the UK Top crypto service providers, including the FinTech, Reveley, crypto custodian, copper and blockchain.com, we’re still sitting on the temporary list. So the day before the deadline hit the FCA said that firms on the temporary register could continue to trade while they appeal the regulator’s decision or seek a permit offshore. There’s been a bit of backlash to the regulator’s approach from the UK as crypto industry, which is warning that firms are going to be pushed offshore, which is bad for consumers.

Host 1:50 Will those firms have to stop operating in the UK then?

Lily Russell-Jones 1:54 So a number of the firms on that temporary register withdrew their applications preemptively and is seeking approval from regulators elsewhere in Europe. So........

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