u.today
The U.K.’s Financial Conduct Authority has extended its temporary licensing regime for cryptocurrency businesses that was established in December, according to its June 3 press release.
Existing companies can continue operating with temporary registrations until March 31, 2022.
The watchdog says that it will be able to register crypto firms when it's fully confident that they compliant with anti-money laundering and anti-terrorism laws.
In its most recent notice, the FCA warns that "a significantly high number" of companies are failing to meet the AML standards:
A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations. This has resulted in an unprecedented number of businesses withdrawing their applications.
It also adds that crypto assets are "very high risk" investments.