Regulators across the globe have also expressed further concerns about the unregulated nature of many cryptocurrencies and the risk this poses to investors.
Almost 2.5 million adults in Britain now hold crypto assets, a sharp rise since last year.
Mark Steward, the Financial Conduct Authority's (FCA) head of enforcement and market oversight, told City & Financial's City Week event that more than 100 cryptoasset firms were operating in the UK without registration.
Mr Steward said: "We have a number of firms that are clearly doing business in the UK without being registered with us and they are dealing with someone: banks, payment services firm, consumers.
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