UK Crypto Firms to Issue Yearly Financial Crime Reports

by in Cryptocurrency News

FCA crypto

The regulatory agency of the United Kingdom, Financial Conduct Authority (FCA) said that crypto assets firms refer to the class of organizations that must deliver financial reports of crime (REP-CRIM) annually.

Related: Japan issues first regulated security tokens

FCA included more sectors of entities that must submit REP-CRIMs, making the number of businesses 7000 from 2.500. Among them are banks, building societies, and crypto-related enterprises.

Papers on financial violations are meant to inform the FCA about signs of potential money laundering based on their regulated execution.

The first time FCA talked about the subject was in August 2020. The regulator told about its intentions to employ a data-centered method to fintech supervision. Then it mentioned the REP-CRIM concept being irrelevant from the crypto firms' summative proceeds in terms of a year.

Trending: MetaMask announces integration with Apple Pay

On March 23, 2021, FCA published results of a crypto investment-related research, where it states the majority of young people trade crypto for fun and warns them about the risks.