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Regulatory Series on Cryptocurrencies: FCA Issues UK’s Crypto-Businesses Cutoff Date For Obtaining Licence
The UK financial regulatory watchdog has raised a caution for all crypto ventures in the region by giving them the deadline till the end of this month to submit applications to obtain licence for their crypto-related businesses.
The FCA (UK’s Financial Conduct Authority) reminds all firms who need to be ready with their applications by June 30th, so as to ensure the adequate time for the regulators to process those applications. While the crypto companies will only be allowed to operate in the region on or after January 10th, 2021, if they possess the licence from the authorized regulator.
Cryptocurrency instruments, including payments & derivatives products have been under the meticulous scanner of the renowned global regulators, such as, US SEC, CFTC and UK’s Financial Conduct Authority (FCA). Recently, US-CFTC Charges Florida-Based Individual & Companies For Forex & Digital Assets Scam.
Firms authorised or registered under the Financial Services and Markets Act 2000, Electronic Money Regulations 2011 or Payment Services Regulations 2017 but undertaking crypto-asset activity subject to the MLRs will also be required to apply for registration. The FCA will proactively supervise firms’ compliance with the new regulations, and will take swift action on firms fail to abide by the compliance and business standards.