According to a report published by the FCA on March 24, crypto companies Must be registered with the FCA by March 31. Otherwise they may have to close their businesses in the UK.
In an interview with CNBC by an FCA official, companies applying for registration only they confirmed 33 of them and applications made 80% of anti-money laundering (AML) standards he said he didn’t do it. The official also said, “Companies that do not meet the expected criteria should withdraw their applications.” He said that all companies have the right to refuse the decision.
FCA mentioned that there are some requirements on risk assessment and customer communication, and “Companies are responsible for the risks posed by crypto assets.” said.
Ability to register with Gemini, the cryptocurrency exchange approved by the FCA It is said that there are strict examinations and conditions for
Revolut and Copper It is stated that large financial firms such as the United States have not yet received approval, and their applications are in the pending phase. It is said that if the license is not obtained, certain changes will be made. Moreover PayPal and Coinbase It is said that he did not apply for approval.
Blair Halliday, UK Representative of the crypto exchange Gemini, which received the approval, said, “It was a very critical event for the crypto money market in the country that we were able to get approval.” said.