The Financial Conduct Authority (FCA) has allowed a number of cryptocurrency companies to continue trade past a licensing deadline as it continues to assess applications.
Under the new legislation by the FCA, which the deadline for closed on March 31 – companies that operate crypto services in the UK must be registered with the FCA.
According to FTAdviser, twelve crypto asset firms are included on the list of the regulator of those with temporary registration, including companies like Copper and Revolut.
A temporary registration regime was introduced last year in order to allow cryptocurrency businesses to continue trading while they will in the process of applying for FCA registration.
The FCA said, “This is necessary where a firm may be pursuing an appeal or may have particular winding-down circumstances.â€
While investment in cryptoassets is not a regulated activity, certain cryptoasset firms have been subject to money laundering regulations since 2020, which means these companies must be registered with the FCA before conducting business.
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