FCA extends registration deadline for crypto businesses amid delays
Significant number of firms not meeting standards
FCA extends registration regime for crypto firms
Anna Fedorova
The Financial Conduct Authority (FCA) has announced that it will extend the deadline for the registration of cryptoasset businesses under the Temporary Registrations Regime (TRR), as a high number of firms are not meeting the required standards.
The deadline is being extended from 9 July 2021 to 31 March 2022. Originally, the TRR was set up to allow existing cryptoasset firms, which applied for registration before 16 December 2020, to continue trading.
However, the FCA said a high number of these applicants are not meeting the required standards under the money laundering regulations, resulting in an unprecedented number of businesses withdrawing their applications.
UK Financial Conduct Authority Establishes Temporary Registration Regime For Cryptoasset Businesses Date
16/12/2020
The Financial Conduct Authority (FCA) has established a Temporary Registration Regime to allow existing cryptoasset firms, who have applied to be registered with the FCA, to continue trading. The FCA is advising customers of cryptoasset firms which should have applied to the FCA, but have not done so, to withdraw their cryptoassets or money before 10 January 2021.
From 10 January 2020, the FCA became the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for these types of firms, which includes firms that exchange money to and from cryptoassets and those that safeguard their customers’ cryptoassets. From this date, ‘existing cryptoasset businesses’ (ie firms operating immediately before 10 January 2020) have had to comply with the Money Laundering Regulations; such firms were required to be registered with the FCA by 10 January