FCA Extends Deadline for Crypto Firms to Meet Regulatory Requirements in UK thirty three Firms Licensed so Far
Categories: Crypto News
The U.K.’s Financial Conduct Authority (FCA) updated information on the Temporary Registration Regime (TRR) on its website Wednesday, ahead of the April 1 registration deadline for crypto firms. The Temporary Registration Regime was established in December 2020 to allow existing crypto businesses that applied for registration before Dec. 16, 2020, to keep operating while the Financial Conduct Authority (FCA) continues to assess their applications.
“This is necessary where a firm may be pursuing an appeal or may have particular winding-down circumstances,” the regulator added. Over a hundred companies applied for temporary permission to operate in the U.K. while waiting for the FCA to assess their applications. More than 60 firms were rejected or have withdrawn their application. Only 12 firms remain with temporary registration, according to the latest list on the FCA website. They are BCB Group, Blockchain.com, Cex.io, Copper Technologies (UK), Globalblock, GCEX, ITI Digital, BC Bitcoin, Revolut, Moneybrain, Tokencard (Monolith), and Coindirect.
FCA Has Registered 33 Crypto Firms
A total of 33 firms have been approved. An Financial Conduct Authority (FCA) told U.K. on Wednesday: “We have been reviewing crypto asset firms’ applications to ensure they meet the minimum standards we expect — that those who run these firms are fit and proper and that they have adequate systems to identify and prevent flows of money from crime.” “Worse, we have seen examples where firms do not have the controls necessary to raise red flags in the first place,” the spokesperson concluded.
The U.K. financial regulator, the Financial Conduct Authority (FCA), has expanded its April 1 enrollment cutoff time for various crypto firms to meet its administrative prerequisites. The English controller has enlisted 33 crypto firms up until this point and 12 firms are holding impermanent enrollment.
The Financial Conduct Authority (FCA) presently has oversight to check that crypto asset firms have viable enemy of anti-money laundering (AML) and psychological oppressor funding methods set up, however by and large crypto assets themselves are not controlled.
What crypto exchanges are FCA approved in the UK?
As a matter of fact, just two UK crypto trades in our rundown are controlled by the considerable Financial Conduct Authorityy (FCA): eToro and Crypto.com. No guideline is secure, yet this FCA oversight is consoling. It implies that financial backers should rest assured that these trades are running their issues in an expert way.
As a matter of fact, just two UK crypto trades in our rundown are managed by the impressive Financial Conduct Authority (FCA): eToro and Crypto.com. No guideline is idiot proof, yet this FCA oversight is consoling. It implies that financial backers should rest assured that these trades are running their undertakings in an expert way.
Among the computerized resource firms to have enlisted under the FCA up to this point incorporate Crypto.com, Revolut, CEX.IO, eToro, Wintermute Exchanging, DRW Worldwide Business sectors, Copper, Globalblock, Moneybrain and Zodia Markets.