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FCA Creates Temporary Registration Regime for Cryptoasset Businesses

16 December, 2020
Digital Yuan




 

According to a statement, the U.K.’s Financial Conduct Authority said it “has established a Temporary Registration Regime to allow existing cryptoasset firms, who have applied to be registered with the FCA, to continue trading.

 

The statement highlight that “the Temporary Registration Regime is for existing cryptoasset businesses which have applied for registration before 16 December 2020, and whose applications are still being assessed.” In the meantime, “Firms that did not submit an application by 15 December 2020 will not be eligible for the temporary registration regime. They will need to return cryptoassets to customers and stop trading by 10 January 2021. Firms that do not stop trading by that date are at risk of being subject to the FCA’s criminal and civil enforcement powers.”

 

As a reminder, from 10 January 2020, the FCA became the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for UK cryptoasset activities.