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FCA extends registration deadline for crypto businesses amid delays

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. ....

Financial Ombudsman Or Services Compensation Scheme , Financial Ombudsman , Financial Services Compensation Scheme , Temporary Registration Regime , நிதி ஆஂபட்‌ஸ்மந் அல்லது சேவைகள் இழப்பீடு திட்டம் , நிதி ஆஂபட்‌ஸ்மந் , நிதி சேவைகள் இழப்பீடு திட்டம் ,

UK Financial Conduct Authority Establishes Temporary Registration Regime For Cryptoasset Businesses

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 ....

United Kingdom , Financial Ombudsman Or Services Compensation Scheme , Money Laundering Regulations , Temporary Registration Regime , Financial Ombudsman , Financial Services Compensation Scheme , Money Laundering , Terrorist Financing , ஒன்றுபட்டது கிஂக்டம் , நிதி ஆஂபட்‌ஸ்மந் அல்லது சேவைகள் இழப்பீடு திட்டம் , பணம் சலவை ஒழுங்குமுறைகள் , தற்காலிகமானது பதிவு ஆட்சி , நிதி ஆஂபட்‌ஸ்மந் , நிதி சேவைகள் இழப்பீடு திட்டம் , பணம் சலவை ,