According to a CNBC report, the Financial Conduct Authority (FCA) has set a March 31 deadline for companies offering crypto services to register, as part of fresh efforts to tackle crypto crimes in the country.
The deadline had previously been extended by the regulator by allowing companies on the temporary registry to continue functioning in the country while they applied for full authorization. However, just 33 applications have been approved, including Gemini’s.
Crypto businesses on the provisional registry, such as Revolut and Copper, have failed to meet the standards for full license, resulting in their applications being withdrawn or rejected.
They now have only a few days to meet the anti-money laundering requirements, or they risk losing their ability to operate in the country.
The FCA’s sluggishness is harming registrations.
While the FCA is dedicated to maintaining strong standards for crypto enterprises in the country, several have raised concerns about how the agency has handled registrations.
Some have suggested that the regulator’s tardiness in dealing with the applications contributed to the current crisis.
Lavan Thasarathakumar of Global Digital Finance explained the delayed speed of registration by stating that the regulator was dealing with a backlog of applications, before adding that the procedure had also been “very frustrating.”
Some of the firms asking for registrations, according to an FCA spokeswoman, do not fulfill the required standards that may assist them discover illicit funds.
Firms whose applications were refused might appeal the judgments to the regulator or to the courts, he said.
While the crypto business is one of the most rapidly developing in the world, the FCA’s new registration criteria may compel enterprises to relocate their operations abroad if they are unable to complete their registrations.
Related Posts – Ferrari joins the NFT universe through a collaboration with a Swiss…
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.