UK Ends Its Controversial Practice To Cryptocurrency Companies!

Digital commerce app Revolut registered with the UK’s top financial regulator last week and cryptocurrency It brought the end of the “temporary registration regime” (TRR), a program that allowed companies to operate in the country pending full regulatory approval.

Cryptocurrency Companies Will Now Apply To Register With The FCA In The UK Directly

Revolut was the only company out of the five listed companies to qualify for full registration. A spokesperson for the Financial Conduct Authority (FCA) said that crypto firms wishing to operate in the UK must now go through a full registration process with the FCA, the country’s primary financial regulator.

Cryptocurrency firms, however, have been complaining about the FCA’s delays in processing applications. These delays led some companies to withdraw from the process last year.

FCA used the following statements in its statement on the subject:

“If a firm can satisfy us that it meets the registration requirements, we will register them.

It’s a two-way street, so the time it takes to register a firm and whether they will ever be registered depends on the quality of the information provided to us. Thirty-eight companies have successfully accomplished this.”

In April, the UK government said it wanted to transform the country into a global crypto hub, and that commitment was reiterated by the government of new Prime Minister Liz Truss.

Same month, FCA bitcoin and that he is critical of crypto and wants to move forward with a balanced approach.

Since then, it has hosted several cryptocurrency events to listen to the digital asset industry. But despite the regulator’s efforts to support the crypto industry, only five companies have managed to register since April.

*Not investment advice.