Cryptocurrency News

UK FCA buys another 9 months to review registration of crypto companies

The Financial Conduct Authority (FCA) of the United Kingdom has extended the last date for provisional registration of crypto-asset companies from July 2021 to March 2022.

The Temporary Registration Regime, or TRR, was established last year to enable crypto businesses to continue trading while their registrations were still being evaluated by the FCA. with latest AnnouncementAny crypto company that applied before December 16, 2020 has provisional registration till March 31, 2022.

After becoming an observer of anti-money laundering and counter-terrorist financing measures for crypto companies in the United Kingdom, the FCA mandated all crypto-asset businesses to comply with the country’s AML regulations. Initial deadline for registration It was January 10, 2021.

But since the COVID-19 pandemic has made “the complexity and standard of applications received,” site visits to the FCA as well as announced TRR and issued provisional registration to all businesses that submitted an application before 16 December. The initial period of TRR was to end on July 9, 2021.

Temporary registration is limited to businesses that were active before January 10, 2020. New companies require full registration.

According to the announcement, “unprecedented businesses” withdrew their applications due to their poor handling of money laundering regulations. “The extended date allows crypto firms to continue trading while the FCA continues with its strong valuation,” the announcement said.

The FCA’s announcement reiterates the risks involved in crypto asset trading, stating that FCA registration does not guarantee the safety of a client’s assets. Financial regulator issued warning Earlier this year when bitcoin (B T c) dived below $33,000, emphasizing that investors should be prepared to lose all their money when investing in crypto.