Cryptocurrency RegulationNews

FCA Extends Registration Period For Temporary Registration Regime

Ever since digital assets started gaining mainstream attention and crypto exchanges as well as investments trading crypto emerging, regulators have been looking for a way to regulate their activities. Regulating their activities would not only signal an acceptance on the part of the regulators but will help reduce incidents of theft, scams and other perpetrated by malicious actors.

Taking this into consideration, the Financial Conduct Authority of the United Kingdom has announced that it has officially extended the registration period given to businesses dealing in crypto across the country. According to the regulator, firms dealing in digital assets now have up till July 9, 2021, to register under the Temporary Registration Regime.

New registration deadline is July 2021

The Financial Conduct Authority initially announced that the ongoing registration was supposed to end by January 2021, but will now allow firms that are yet to officially list their businesses to do so before July 2021. Furthermore, the Financial Conduct Authority also told already registered crypto exchanges and businesses that registered before December 16 that they will have to use this new time frame to register their businesses again, even though their previous applications are still being considered.

In a bid to show them a good sign of faith, the FCA said that all the businesses that are not yet registered after January 2021 will still be allowed to carry out their operations across the country up until July 2021.

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Also, the FCA mentioned that all the respective companies that want to register should begin an application by December 15 and failure to do so means that they won’t be allowed to register for the Temporary Registration Regime. If that happens, it means that they will need to suspend their services and return their customers funds to them.

All unregistered crypto business in the United Kingdom would be banned

The Financial Conduct Authority has noted that any crypto-related business that does not stop operating at the stipulated would be slammed with a fine and a civil lawsuit. According to the FCA, the reason why the timeline was stretched was that they were having a hard time verifying the businesses that have submitted their applications for the registration.

The FCA says it wants adequate time to carry out the verifications, especially the on-site visit of the process by its officials. Also, the FCA hs warned users and prospective users that they should be on the lookout and not trade or do businesses with unregistered crypto investments.

The FCA mentioned that the users should ensure that any platform that they trade on should be either registered by the FCA or on the Temporary Registration Regime list or should be registered in another country. The FCA said that users should entirely withdraw their funds and stop associating with businesses who are not duly registered as they would be banned from carrying out trading activities across the United Kingdom.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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