Main navigation

UK's FCA Extends Temporary Registration Regime for Crypto Businesses

News
Thu, 06/03/2021 - 06:38
article image
Alex Dovbnya
British crypto businesses will be able to operate under a temporary licensing regime until March 2022
UK's FCA Extends Temporary Registration Regime for Crypto Businesses
Cover image via stock.adobe.com
Read U.TODAY on
Google News

The U.K.’s Financial Conduct Authority has extended its temporary licensing regime for cryptocurrency businesses that was established in December, according to its June 3 press release

Existing companies can continue operating with temporary registrations until March 31, 2022.

The watchdog says that it will be able to register crypto firms when it's fully confident that they compliant with anti-money laundering and anti-terrorism laws. 

Related
JUST IN: FCA Regulator Bans Sale of Bitcoin, Ether, XRP Derivatives to Retail Consumers

In its most recent notice, the FCA warns that "a significantly high number" of companies are failing to meet the AML standards: 

A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations. This has resulted in an unprecedented number of businesses withdrawing their applications.  

It also adds that crypto assets are "very high risk" investments.   

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.