2 years ago
The U.K. fiscal regulator, the Financial Conduct Authority (FCA), has extended its April 1 registration deadline for a fig of crypto firms to conscionable its regulatory requirements. The British regulator has registered 33 crypto firms truthful acold and 12 firms are holding impermanent registration.
FCA Extends Deadline for Crypto Firms
The U.K.’s Financial Conduct Authority (FCA) updated accusation connected the Temporary Registration Regime (TRR) connected its website Wednesday, up of the April 1 registration deadline for crypto firms.
The Temporary Registration Regime was established successful December 2020 to let existing crypto businesses that applied for registration earlier Dec. 16, 2020, to support operating portion the FCA continues to measure their applications.
The FCA detailed:
We person concluded our assessments, and the TRR volition adjacent connected 1 April, for each but for a tiny fig of firms wherever it is strictly indispensable to proceed to person impermanent registration.
“This is indispensable wherever a steadfast whitethorn beryllium pursuing an entreaty oregon whitethorn person peculiar winding-down circumstances,” the regulator added.
Over a 100 companies applied for impermanent support to run successful the U.K. portion waiting for the FCA to measure their applications. More than 60 firms were rejected oregon person withdrawn their application.
Only 12 firms stay with impermanent registration, according to the latest database connected 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 full of 33 firms person been approved. An FCA spokesperson told Yahoo Finance U.K. Wednesday: “We person been reviewing crypto plus firms’ applications to guarantee they conscionable the minimum standards we expect — that those who tally these firms are acceptable and due and that they person capable systems to place and forestall flows of wealth from crime.”
The spokesperson added:
While we person registered 33 firms, we person seen excessively galore fiscal transgression reddish flags missed by the cryptoasset businesses seeking registration.
“Worse, we person seen examples wherever firms bash not person the controls indispensable to rise reddish flags successful the archetypal place,” the spokesperson concluded.
What bash you deliberation astir the FCA extending its registration deadline for crypto firms to conscionable regulatory requirements? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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