Skip to content
digital assets

 


Digital assets are moving rapidly into the regulatory mainstream.

Firms face increasing scrutiny, evolving global standards, new regulatory frameworks and higher expectations from regulators, partners and customers.

At Thistle, we help businesses navigate this shift with confidence. Our regulatory expertise, combined with hands‑on support, helps firms build digital asset operating models that withstand scrutiny and scale sustainably.

Jessica Cath
Managing Director

Jessica Cath 1920 wide rounded corners (1)

Digital assets are moving rapidly into the regulatory mainstream.

Firms face increasing scrutiny, evolving global standards, new regulatory frameworks and higher expectations from regulators, partners and customers.

At Thistle, we help businesses navigate this shift with confidence. Our regulatory expertise, combined with hands‑on support, helps firms build digital asset operating models that withstand scrutiny and scale sustainably.

Jessica Cath
Managing Director

 

1000+

Successful FCA applications

Mask group 11

Winner of Best Financial Services Compliance Consultancy 2020 - 2024

2000+

Happy customers served

Practical Compliance for
Digital Asset and Crypto Firms

Thistle supports crypto‑native firms, established financial institutions and fast‑growing FinTechs operating in the digital asset sector.

We provide clear, practical compliance support that enables confident market entry, supports sustainable growth and stands up to regulatory scrutiny. Our work is grounded in current FCA expectations and emerging international frameworks for digital assets.

Our team works with firms at every stage of development. We support market entry, new product launches, assurance and ongoing advisory work, helping you build compliance frameworks that work in practice and evolve as your business grows.

Market Entry and Applications

We support firms from early perimeter assessment through to successful registration and preparation for the new authorisation regime.

New Market Entry Support

  • Cryptoasset registrations, including UK FCA AML registration

  • Regulatory perimeter and business model assessments

  • Licensing and registration strategy across the UK and the EU

  • Cross-jurisdiction advice and support  


New Product Launches

  • Support for changes to business models, activities or permissions (e.g. an EMI looking to offer stablecoin solutions)

  • Readiness testing of new products for new regulatory regimes 

Assurance Services

Our assurance work is risk‑based, practical and aligned with current regulatory expectations, giving confidence to regulators and stakeholders.

Audits

  • Audits and assurance reviews of crypto compliance and financial crime frameworks

  • Travel Rule testing and validation

  • Control design and operating effectiveness testing


Regulatory Readiness Testing

  • Pre‑regulatory reviews and document testing

  • Mock interviews and preparation support 

Advisory Solutions

We translate complex and evolving regulation into clear, implementable controls that scale with your business.

Risk Assessments

  • Digital asset business model, counterparty and technology risk assessments
  • Financial crime and fraud risk assessments
  • Third‑party and outsourcing risk assessments across crypto ecosystems

Regulatory Advisory

  • Compliance and regulatory advisory on evolving requirements, including MiCA and CARF
  • Financial promotions testing and advice for crypto products

Framework Design

  • Financial crime and sanctions risk framework design
  • Compliance and risk framework design 

Ongoing Compliance Support

We help firms maintain momentum, whether they are responding to regulatory pressure, scaling rapidly or strengthening BAU operations.

Rapid Response

  • Regulatory enforcement and supervisory support, including issue management and regulator engagement
  • Remediation programmes and managed services following audits or regulatory findings

People Solutions

  • Embedded, seconded or fractional crypto compliance specialists

Training and Horizon Scanning

  • Ongoing regulatory advice and horizon scanning

  • Crypto‑specific training for Boards, senior management and operational teams  

Who We Support in the
Digital Assets Sector

Our talented team of experts regularly supports activity across the digital assets, stablecoins and cryptoasset sector. Including:

 

  • Peer to peer providers
  • Custodian wallet providers
  • Cryptocurrency exchange providers
  • Initial coin offering (ICO) providers
  • Initial exchange offering (IEO) providers
  • Cryptoasset exchange providers - including cryptoasset ATMs
We have used Thistle’s compliance services since 2016 and will continue to do so to help reach our business objectives. Thistle worked with us on our FCA Crypto Application with very short notice and delivered an application ready to submit to the FCA at a very high standard. I can only attribute this excellent turnaround to Thistle's relentless work ethic and deep understanding of the regulatory landscape. I believe this will be the first of many more projects with Thistle Initiatives.
Bitstocks

What Our Digital Asset Clients Say

“The whole Thistle team was engaged, diligent, professional, and responsive from start to finish. I look forward to continuing my relationship with them.”
Financial Dots-2
Financial Dots
“KoinKoin owes her registration with the FCA to the team over at Thistle Initiatives who were able to bring the best and brightest in regulatory risk and assist us with building our regulatory profile. We would work with Thistle again in the future and we will be seeking their counsel for the MLR registration in 2021.”
KoinKoin
Koin Koin
“From end to end, Thistle’s assistance with our discretionary and advisory application for FCA authorisation was fantastic. They provided a professional and efficient service assisting with all aspects; we are very satisfied with the outcome.”
Topstone Capital-4
Topstone Capital
How We Have Helped Our Clients
CASE STUDY: Rebuilding a UK Crypto Compliance Framework
Overview

A crypto firm was required to rebuild its UK compliance and financial crime framework ahead of submission for FCA cryptoasset registration. This included uplifting legacy customers and designing a risk‑based customer migration approach aligned to UK regulatory expectations.

 

Our Role

We reviewed and strengthened core AML and financial crime documentation, including the business‑wide risk assessment, due diligence procedures and Travel Rule controls. We also assessed and tested a complex, multi‑tier customer migration methodology and carried out assurance sampling ahead of migration.


Outcome

Thistle delivered fast, practical advice throughout the build phase and provided oversight of the customer uplift and migration exercise. The resulting framework supported a credible FCA application and received positive feedback from the regulator.

 

CASE STUDY: Scaling Compliance Capability During Rapid Crypto Growth
Overview

A large crypto infrastructure provider operating across the UK, Europe and the Middle East was scaling rapidly. Growth placed pressure on onboarding, ongoing monitoring, Travel Rule compliance and second‑line oversight, following sudden resource gaps across compliance teams.

 

Our Role

Thistle deployed nine specialists across the first and second lines of defence. This included hands‑on support for crypto onboarding, systems configuration, process improvements and second‑line monitoring, alongside cross‑border regulatory and Travel Rule advice.


Outcome

Critical gaps were filled quickly, onboarding backlogs reduced and second‑line oversight strengthened. The firm maintained operational momentum during hyper‑growth and progressed key compliance and regulatory change initiatives with confidence.

 

Financial Crime Compliance

Financial crime compliance in the digital asset sector is under close regulatory scrutiny.

 

Our team delivers targeted audits, advisory support and managed resources focused on digital asset risks, including AML, sanctions, transaction monitoring, Travel Rule requirements and governance. Our specialists bring hands‑on experience from regulatory, industry and enforcement environments.

 

We tailor our support to each firm’s business model and stage of growth, helping you build financial crime frameworks that meet regulatory expectations and work in practice.

 

Find out more

Your Digital Assets Team


Jessica Cath 1920 wide rounded corners (1)

Jessica Cath   linkedin-lead 1 mail
Managing Director, Financial Crime, Payment Services and Digital Assets

Jessica is a financial crime leader, working with a range of firms to build, scale and assure all elements of the financial crime framework. She has worked with start-ups to Tier 1 Banks to transform controls through growth phases or when facing regulatory enforcement.

Jess has also conducted multiple US monitor and s166 Skilled Person reviews globally, and has a Masters Degree in Intelligence and International Security and holds an ICA diploma in Financial Crime Prevention.

Lisa Blenkinsop
Lisa Blenkinsop
Senior Manager

Lisa Blenkinsop joins our Payments Services Team with a wealth of experience from industry and consulting roles, including time at the FCA. Her breadth of experience delivering governance, risk, compliance and regulatory change across various sectors strengthens our ability to help firms identify opportunities and navigate industry challenges.

William Lee
William Lee
Senior Manager

William has joined our Payment Services Consulting team as a Manager. He brings experience from Revolut’s Regulatory Affairs team and his previous role as Policy Advisor at UK Finance, where he worked on financial policy for digital assets and payments.

He has led industry working groups, engaged with regulators, and written on emerging trends in payments and innovation. William is passionate about supporting the UK fintech ecosystem and promoting a secure, competitive financial services sector.

Elizabeth Burns
Elizabeth Burns
Senior Manager

Lizzie joined Thistle Initiatives in January 2024 as a Senior Manager in the Investments Team. Prior to joining the Group, Lizzie held long-standing Compliance Advisory roles within the Investment Management sector.