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UK's FCA Urges Crypto-related Businesses To Register Before June-end Deadline

fca 112118 22jun20 lt

The U.K.'s financial watch dog has reminded crypto-related businesses operating in U.K. to register with them before the deadline of June 30 to comply with the new regulations. The Financial Conduct Authority (FCA) requires firms to submit completed applications for registration by the deadline to ensure that applications are processed on time.

The move follows the appointment of the FCA as the anti-money laundering and counter terrorist financing (AML/CTF) supervisor of businesses carrying out certain crypto-asset activities in the UK in early January.

The FCA had at that time requested all existing businesses undertaking crypto-asset activities to be registered with it before January 2021. It urged them to ensure the deadline of June 30 is met for submitting completed applications for registration so that the applications can be reviewed, processed and registered in time.

This will also give the FCA a little more than six months to review and raise any follow-up questions with firms and complete the registration process before January 10, 2021.

The regulator warned that any of these businesses that are not registered with the FCA before the January 10, 2021 deadline will have to cease carrying on business.

The FCA added that other financial firms that are already authorized or registered under the Financial Services and Markets Act 2000, Electronic Money Regulations 2011 or Payment Services Regulations 2017, but undertaking crypto-asset activity, will also be required to apply for registration.

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