FCA reminds cryptoasset businesses to register before the end of June

June 22, 2020

The UK’s Financial Conduct Authority (FCA) has reminded businesses engaged with cryptoassets to register before June 30 2020.

Applications for registration with the FCA need to be in before the end of June, to ensure the regulator can keep on track with its deadline for its new legislation.

Earlier this year, the FCA became the anti-money laundering and counter-terrorist financial (AML/CFT) supervisor of businesses carrying out certain cryptoasset activities in the UK.

Any businesses which 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 need to cease business.

This June 30 date has been established to enable the FCA to review submitted applications and raise any follow-up questions with firms, with enough time to be completed prior to the 10 June 2021 deadline.

Any new businesses which began operating after 10 January 2020, must be registered with the FCA before they begin operations.

The FCA stated it will proactively supervise firms’ compliance with new regulations and take swift action where gaps appear.