FCA reminds cryptoasset firms to register before end of June

The Financial Conduct Authority (FCA) has reminded businesses which carry out cryptoasset activity in the UK that they have to be registered to comply with new regulations.

To ensure that applications are processed on time, it requires firms to submit completed applications for registration by 30 June.

The FCA became the anti-money laundering and counter terrorist financing supervisor of businesses carrying out certain cryptoasset activities in the UK on 10 January.

Any businesses that started carrying on business in the UK immediately before that date and are not registered by the FCA by 10 January 2021 deadline will have to cease carrying on business.

The 30 June date allows the FCA to review submitted applications and raise any follow-up questions with firms, with enough time for that process to be completed before next year.

Any new businesses which began operating after 10 January must also be registered with the FCA before carrying out any business.

Firms authorised or registered under the Financial Services and Markets Act 2000, Electronic Money Regulations 2011, or Payment Services Regulations 2017, but undertaking cryptoasset activity subject to the money laundering regulations, will also be required to apply for registration.

The FCA will proactively supervise firms’ compliance with the new regulations, and warned that it will take swift action where firms fall short of desired standards.

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