UK Regulator Allows Five Crypto Firms to Operate With Temporary Registration
Britain’s top
financial regulator, the Financial Conduct Authority (FCA), has allowed five
crypto firms to continue operating in the U.K. with temporary registration. The
deadline for crypto firms to register with the FCA was last week, but these
five firms’ applications are still pending.
The U.K.
Financial Conduct Authority (FCA) updated its list of crypto asset firms with
temporary registrations on Thursday. There are now five firms on the list:
Cex.io Ltd., Copper Technologies (UK) Ltd., Globalblock Ltd., Revolut Ltd., and
Moneybrain Ltd.
At the end of
March, the British financial regulator said that it had extended the
registration deadline for some crypto firms to meet its regulatory
requirements. At that time, there were 12 firms on the temporary registration
list. Companies that are not on the latest list cannot continue to operate
after April 1.
The financial
regulator has registered 33 firms altogether. "We have been reviewing
crypto asset firms’ applications to ensure they meet the minimum standards. We
expect that those who run these firms are fit and proper and that they have
adequate systems to identify and prevent flows of money from crime," a
spokesperson for the FCA recently commented.
Last week,
the U.K. government unveiled a detailed plan to make the country a global
crypto hub and a "hospitable place for crypto."
As part of the plan, the government has decided to regulate stable coins and the chancellor of the exchequer, Rishi Sunak, has asked the Royal Mint to create a non-fungible token (NFT) to be issued by the end of summer. Sunak explained:
It’s my
ambition to make the U.K. a global hub for crypto asset technology, and the
measures we’ve outlined today will help to ensure firms can invest, innovate,
and scale up in this country.
0 Comments