Britain’s top financial regulator, the Financial Conduct Authority (FCA), has allowed five crypto firms to continue to operate in the U.K. with temporary registration. The deadline for crypto firms to register with the FCA was last week but these five firms’ applications are still pending.
Five crypto firms can continue to operate in the UK with temporary registration
The U.K. Financial Conduct Authority, FCA updated Thursday its listing of cryptocurrency asset companies with temporary registration.
Cex.io Ltd. is now joined by Copper Technologies UK Ltd. Ltd. Globalblock Ltd. Revolut Ltd. and Moneybrain Ltd.
End March saw the British financial regulator announce that the registration deadline had been extended for certain crypto-firms in order to satisfy its regulatory requirements. There were twelve firms currently on the temporary list. After April 1, companies that have not been added to the current list can no longer operate.
This financial regulator registered 33 companies. “We have been reviewing crypto asset firms’ applications to ensure they meet the minimum standards we expect that those who run these firms are fit and proper and that they have adequate systems to identify and prevent flows of money from crime,” a spokesperson for the FCA recently commented.
Last week, the U.K. government unveiled a detailed plan to make the country a global crypto hub, and a “hospitable place for crypto.”
In accordance with the plan, government decided to regulate stablecoins. Rishi, chancellor, of the exchequer has also asked Royal Mint for a nonfungible token (NFT), to be created by the summer. Sunak opined: “It’s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.”
Do you agree with the FCA expending the registration deadlines for five crypto companies? Please comment below.
Image creditShutterstock. Pixabay. Wiki Commons