Skip to main content

FCA Extends Deadline for Crypto Firms to Meet Regulatory Requirements in UK — 33 Firms Licensed so Far

FCA Extends Deadline for Crypto Firms to Meet Regulatory Requirements in UK — 33 Firms Approved so Far

The U.K. financial regulator, the Financial Conduct Authority (FCA), has extended its April 1 registration deadline for a number of crypto firms to meet its regulatory requirements. The British regulator has registered 33 crypto firms so far and 12 firms are holding temporary registration.

FCA Extends Deadline for Crypto Firms

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 FCA continues to assess their applications.

The FCA detailed:

We have concluded our assessments, and the TRR will close on 1 April, for all but for a small number of firms where it is strictly necessary to continue to have temporary registration.

“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 More than 60 firms were rejected or have withdrawn their application.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 FCA spokesperson 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 spokesperson added:

While we have registered 33 firms, we have seen too many financial crime red flags missed by the cryptoasset businesses seeking registration.

“Worse, we have seen examples where firms do not have the controls necessary to raise red flags in the first place,” the spokesperson concluded.

What do you think about the FCA extending its registration deadline for crypto firms to meet regulatory requirements? Let us know in the comments section below.



from Bitcoin News https://ift.tt/ip0uw3G
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more