FCA: Cryptoasset Businesses to Register Before the End of June

The FCA published a statement today, reminding businesses which carry out cryptoasset activity in the UK, that they have to be registered with the FCA to comply with new regulations.

The regulator advised businesses to ensure that applications are processed on time the FCA requires firms to submit completed applications for registration by 30 June 2020.

The FCA became the anti-Money Laundering and counter terrorist financing (AML/CTF) supervisor of businesses carrying out certain cryptoasset activities in the UK on 10 January 2020.

Any businesses that started carrying on business in the UK immediately before 10 January 2020 and are not registered by the FCA by the 10 January 2021 deadline will have to cease carrying on business, the statement said.

Process to be completed before 10 January 2021

The 30 June date allows the FCA to review submitted applications and raise any follow-up questions with firms, with enough time for that process to be completed before 10 January 2021.

Any new businesses which began operating after 10 January 2020 must be registered with the FCA before carrying out any business, according to the FCA.

Firms authorised or registered under the Financial Services and Markets Act 2000, Electronic Money Regulations 2011 or Payment Services Regulations 2017 but undertaking cryptoasset activity subject to the MLRs will also be required to apply for registration.

The FCA noted that will proactively supervise firms’ Compliance with the new regulations, and will take swift action where firms fall short of desired standards.