FCA encourages UK cryptocurrency firms to apply for registration

The UK Financial Conduct Authority (FCA) has required all firms dealing withcryptocurrencies in the country, filed applications for registration until June 30, 2020.

Since January this year, the FCA began monitoring the activities of British cryptocurrency companies and checking them for compliance with anti-money laundering and anti-terrorist financing (AML/CTF) requirements.

According to the regulator, if companies that started working with digital assets before January 10, 2020 are not registered with the FCA by January 10, 2021, they will have to stop their activities.

Firms need to apply for registration beforeJune 30, so that the agency could consider them before the deadline. New projects that planned to use cryptocurrencies after January 10, 2020, must register before starting their activities.

Financial Law Compliance Organizationsservices and markets from 2000, the Regulation on electronic money from 2011 and the Rules for the provision of payment services from 2017, but who have started working with cryptocurrency assets, are also required to send an application to the FCA.

The regulator added that he would carefully checkcompliance with AML / CTF requirements, and will take immediate action if firms do not meet established standards. FCA actions are aimed at implementing the fifth EU Anti-Money Laundering Directive (5AMLD), which entered into force on January 10 this year.

Let us remember that last summerThe FCA has updated its guidance on cryptocurrency assets, clarifying which tokens fall under its jurisdiction, and also introduced a definition of equity tokens and exchange tokens.

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