FCA Offers Crypto Companies a Temporary License

by in DeFi News

FCA offers temporary registration

UK financial regulator FCA (Financial Conduct Authority) informed that the digital asset organizations that didn't manage to register, have the opportunity to work under limited-period licensing terms for 6 months as the regulator faces some issues with a stockpile of requests.

FCA stated that the temporary registration period will take 6 months and last from January 9, 2021, until July 9, 2021, for the firms started to work after January 10, 2020. The supervisory body notifies that the firms which hadn't filed for listing by Dec. 16, 2020, won't be able to get the temporary regime. Those groups are at risk of being a matter to the FCA’s criminal and civil prosecution.

FCA recommends the customers of those companies to withdraw their funds.

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The regulator instructs all the companies implementing services connected with cryptocurrencies in the United Kingdom to register and follow anti-money laundering and anti-terrorist financing rules.

Founded in 2013, FCA now regulates the conduct of around 60,000 businesses. Although it's an independent body not receiving any funds from the government, FCA is accountable to the Treasury – which is responsible for the UK’s financial system. Along with the Prudential Regulation Authority (PRA), the FCA is one of the UK’s two financial regulators.