THELOGICALINDIAN - The UK banking regulator the Banking Conduct Authority FCA has continued its April 1 allotment borderline for a cardinal of crypto firms to accommodated its authoritative requirements The British regulator has registered 33 crypto firms so far and 12 firms are captivation acting registration
FCA Extends Deadline for Crypto Firms
The U.K.’s Financial Conduct Authority (FCA) adapted advice on the Temporary Allotment Regime (TRR) on its website Wednesday, advanced of the April 1 allotment borderline for crypto firms.
The Temporary Allotment Regime was accustomed in December 2024 to acquiesce absolute crypto businesses that activated for allotment afore Dec. 16, 2024, to accumulate operating while the FCA continues to appraise their applications.
The FCA detailed:
“This is all-important area a close may be advancing an address or may accept accurate winding-down circumstances,” the regulator added.
Over a hundred companies activated for acting permission to accomplish in the U.K. while cat-and-mouse for the FCA to appraise their applications. More than 60 firms were alone or accept aloof their application.
Only 12 firms abide with acting registration, according to the latest account on the FCA website. They are BCB Group, Blockchain.com, Cex.io, Copper Technologies (UK), Globalblock, GCEX, ITI Digital, BC Bitcoin, Revolut, Moneybrain, Tokencard (Monolith), and Coindirect.
FCA Has Registered 33 Crypto Firms
A absolute of 33 firms accept been approved. An FCA agent told Yahoo Finance U.K. Wednesday: “We accept been reviewing crypto asset firms’ applications to ensure they accommodated the minimum standards we apprehend — that those who run these firms are fit and able and that they accept able systems to analyze and anticipate flows of money from crime.”
The agent added:
“Worse, we accept apparent examples area firms do not accept the controls all-important to accession red flags in the aboriginal place,” the agent concluded.
What do you anticipate about the FCA extending its allotment borderline for crypto firms to accommodated authoritative requirements? Let us apperceive in the comments area below.
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