FCA Calls for Filing Applications for Crypto Companies Registration by the End of June

On Monday, the UK's chief financial regulatory body said that any company engaged in crypto business in the country should apply for registration by June 30. Despite the fact that the deadline for filing applications was originally set on January 10, 2021, the regulator notes that it needs six months to consider the submitted applications and resolve issues.

The Financial Conduct Authority also adds that it will properly monitor compliance with AML and CTF rules. If firms do not comply with the established rules, their business will be immediately suspended. Firms that do not manage to successfully register before January 10, 2021 and resolve issues that arose with the regulatory body will be forced to close.

Recall that last year the regulator completed the guidelines to cryptocurrency assets, where specifies which tokens fall under the jurisdiction. In 2018, the FCA created a regulatory sandbox to attract crypto startups.

Image courtesy of FT.com