UK FCA Reminds Firms To Register Crypto Activities by End of Month

The United Kingdom’s Financial Conduct Authority (FCA) has issued a reminder to firms operating in the UK or those authorized to provide financial services that they must submit additional registrations for their digital asset (cryptocurrency) activities, as the regulator is now supervising AML and CTF activities to ensure compliance.

The FCA indicated previously that it “became the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of businesses carrying out certain crypto asset activities in the UK on 10 January 2020.” To ensure that applications are processed on time the FCA requires firms to submit completed applications for registration by 30 June 2020.

The 30 June date allows the FCA to review submitted applications and raise any follow-up questions with firms, with enough time for that process to be completed before 10 January 2021. The regulator also noted that “any new businesses which began operating after 10 January 2020 must be registered with the FCA before carrying out any business.”