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The Financial Conduct Authority is extending the period in which it will allow digital currency companies to operate even if they are not officially approved to offer their services.
John Glen said there had been significant difficulties in registering digital currency companies under the regulations, resulting in a majority of applicants for AML approval withdrawing their licenses.
The FCA said Thursday that it had pushed back the deadline for the so-called Temporary Registration Regime from July 9, 2021, to March 31, 2022. A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations resulting in an unprecedented number of businesses withdrawing their applications, the FCA said in a statement. The extended date allows cryptoasset firms to continue to carry on business whilst the FCA continues with the robust assessment being undertaken.
Just five crypto companies are currently registered with the FCA. Those include Tyler and Cameron Winklevoss Gemini and British start-up Ziglu. There are dozens of applicants sitting on the Temporary Registration Regime list.
Thursday, January 7, 2021
31 December
The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact this will have.
30 December
In relation to Brexit, the UK-EU Trade and Cooperation Agreement was signed, which would apply from 1 January 2021.
28 December
The Prudential Regulation Authority ( PRA ) published a policy statement (PS29/20) on the implementation of the CRD V Directive (EU/2019/878) (
CRD V ).
24 December
In relation to Brexit, the United Kingdom and European Union agreed in principle a Trade and Cooperation Agreement, an Agreement on Nuclear Cooperation and an Agreement on Security Procedures for Exchanging and Protecting Classified Information.