FCA Extends Deadline for Crypto Firms to Meet Regulatory Requirements in UK – 33 Firms Licensed up to this point – Regulation Bitcoin News
The U.K. monetary controller, the Financial Conduct Authority (FCA), has expanded its April 1 enrollment cutoff time for various crypto firms to meet its administrative necessities. The British controller has enlisted 33 crypto firms up until this point and 12 firms are holding impermanent registration.
FCA Extends Deadline for Crypto Firms
The U.K’s. Financial Conduct Authority (FCA) refreshed data on the Temporary Registration Regime (TRR) on its site Wednesday, in front of the April 1 enrollment cutoff time for crypto firms.
The Temporary Registration Regime was laid out in December 2020 to permit existing crypto organizations that applied for enlistment before Dec. 16, 2020, to continue to work while the FCA keeps on surveying their applications.
The FCA detailed:
We have finished up our appraisals, and the TRR will close on 1 April, for everything except for few firms where it is totally important to keep on having brief registration.
“This is necessary where a firm may be pursuing an appeal or may have particular winding-down circumstances,” the controller added.
Over 100 organizations applied for transitory consent to work in the U.K. while trusting that the FCA will survey their applications. In excess of 60 firms were dismissed or have removed their application.
Only 12 firms stay with impermanent enrollment, as indicated by the most recent rundown on the FCA site. 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 all out of 33 firms have been endorsed. A FCA representative told Yahoo Finance U.K. 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.”
The representative added:
While we have enrolled 33 firms, we have seen an excessive number of monetary wrongdoing warnings missed by the cryptoasset organizations looking for registration.
“Worse, we have seen examples where firms do not have the controls necessary to raise red flags in the first place,” the representative concluded.
What do you contemplate the FCA expanding its enlistment cutoff time for crypto firms to meet administrative necessities? Tell us in the remarks segment below.
Kevin Helms
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