The Financial Conduct Authority (FCA) is ending its Temporary Registration Regime (TRR) for crypto asset businesses on March 31, and those companies that are not registered may not be allowed to continue operations in the U.K. At the same time, some news outlets have reported that the U.K.’s finance minister could announce a new regulatory regime for crypto in the coming weeks.
Registering with the FCA is not as easy as it seems. In fact, only 33 companies have managed to register, and as of March 25, another 12 were on a temporary registration list, including Revolut and Blockchain.com.
Since the FCA was granted powers to supervise crypto firms in 2020, it has requested that companies register with the regulator and comply with anti-money laundering and counter terrorist financing legislation (AML/CTF). While this is not the only element that the FCA assesses in the applications, it carries a lot of weight in the final decision of whether to allow a company to be registered or not.
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