THELOGICALINDIAN - Many companies operating with cryptocurrencies are not affair antimoney bed-making regulations the UKs Financial Conduct Authority appear The government bureau has continued its acting allotment arrangement afterwards adverse a growing cardinal of crypto firms that are abandoning their applications
FCA Extends Temporary Registrations Regime Till End of March 2022
The Financial Conduct Authority (FCA) appear Thursday it’s extending the end date of the Temporary Registrations Regime (TRR) for crypto businesses to March 31, 2022. The authoritative anatomy acicular out that a “significantly aerial number” of companies are not affair accepted anti-money bed-making (AML) requirements which accept resulted in “an aberrant number” of entities abandoning their applications. In a account appear on its website, the FCA noted:
Last year, the banking regulator said that all businesses trading cryptocurrencies on Jan. 10, 2020, are accountable to the country’s adapted Money Laundering Regulations. Initially, they were appropriate to annals with the FCA by Jan. 10, 2021. Later on, the acquiescence borderline was confused to July 9 and the TRR arrangement was alien to acquiesce cryptocurrency firms that activated for allotment afore Dec. 16, 2020, to abide to assignment while their applications are still actuality processed.
Brits Warned FCA Does Not Have Consumer Protection Powers
In this week’s announcement, the FCA explains that Britain’s anti-money bed-making and counter-terrorist costs legislation is tailored to assure adjoin “enabling the alteration and beard of funds from bent activity, or allotment of agitator groups.” The agency, which operates apart beneath the U.K. government, added stated:
Crypto assets are awful abstract and decumbent to accident amount quickly, the banking ascendancy warned, emphasizing that it has not been accepted admiral to accommodate customer aegis for the activities of British crypto companies, alike back they are registered with it. If consumers advance in cryptocurrencies, they should be able to lose their money, the FCA added, affirmation it is absurd that they will accept admission to the Banking Ombudsman Service or the Banking Services Compensation Scheme.
Why do you anticipate some crypto companies are not affair Britain’s AML regulations? Share your thoughts on the accountable in the comments area below.
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