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UK’s Financial Conduct Authority has extended the end date of crypto-assets companies’ temporary registration.

UK's Financial Conduct Authority has extended the end date of crypto-assets companies' temporary registration

The United kingdom’s Financial Conduct Authority FCA buys another nine months to review the Crypto company’s registrations. It pushed the temporary registration end date from July 2021 to March 2022. The Temporary Registration Regime is TRR.


Temporary Registration Regime


FCA established TRR last year to enable Crypto businesses to continue their trading while their registration is still being assessed. Moreover, according to the recent announcement, all the Crypto companies applied before December 16, 2020, will have temporary registration until March 31, 2022.


Supervisor

In addition, FCA has also become the supervisor of anti-money laundering and counter-terrorist financing measures for Crypto companies in the United Kingdom. Further, FCA obliged all Crypto asset businesses to comply with the country’s AML regulations.


Initial Deadline

However, the initial deadline for the registration was on January 10, 2021. The FCA also announced that because of the covid-19 pandemic, the visits are also tricky. Moreover, the temporary registration is limited to active businesses before January 10, 2020, only.


New Companies

All the new companies require complete registration. As a result, large number of businesses withdrew their applications because of their substandard operations regarding the money laundering regulations.


Reiterates

However, the announcement reiterates the risks involved in Crypto asset trading, stating that FCA registration doesn’t guarantee the protection of client assets.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.