UK Financial Conduct Authority Establishes Temporary AML Registration Regime for Crypto-Asset Businesses12/16/2020The U.K. Financial Conduct Authority has established a temporary registration regime for crypto-asset businesses that were operating in the U.K. prior to January 10, 2020. The regime will allow crypto-asset firms to continue providing services in the U.K., notwithstanding that they have not yet been registered with the FCA.
Under the amended U.K. Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017, crypto-asset businesses operating prior to January 10, 2020 were obliged to register with the FCA before January 10, 2021. However, the FCA has not been able to assess all the applications it received, and is therefore granting temporary permissions to firms that applied for FCA registration before December 16, 2020 to continue trading until July 9, 2021, pending the FCA's determination of their application. The FCA has published a list of crypto-asset firms with temporary registration.
Existing firms that failed to submit applications to the FCA before December 16, 2020 will not be eligible for the temporary registration regime and must return crypto-assets to customers and cease trading by January 10, 2021.
"New" crypto-asset businesses that began operating in the U.K. after January 9, 2020 must obtain full registration with the FCA before they can begin trading.
View the FCA's announcement of the Temporary Registration Regime.
View the FCA's list of firms with temporary registration.
View details of the amended Money Laundering Regulations.
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