By Bentley Kapoor (India)
The financial watchdog FCA (Financial Conduct Authority) warns crypto-related companies that they need to comply with regulations before 10 January 2021. They also stress that businesses must submit their requests for registration.
FCA wants every crypto business to submit application for registration so that they can review the firm by January 2021. If firms want to comply with the new act, they need to requests in the form of application by June 30. The purpose of this extended period is to process all applications by January 10, 2021.
With the new act, FCA started following the counter terrorist financing (AML/CTF) and anti-money laundering policies. The main purpose behind the implementation of the new law is to ensure no illegal activities are attached to the crypto assets.
“Any businesses that started carrying on business in the UK immediately before 10 January 2020 and are not registered by the FCA by the 10 January 2021 deadline will have to cease carrying on business,” UK’s watchdog announced. “The 30 June date allows the FCA to review submitted applications and raise any follow-up questions with firms, with enough time for that process to be completed before 10 January 2021.”
Already registered Firms are also warned
Already regulated companies “under the Financial Services and Markets Act 2000, Electronic Money Regulations 2011 or Payment Services Regulations 2017” are also obliged to submit an application for registration as “FCA will proactively supervise firms’ compliance with the new regulations.”
Also read:The UK regulatory body is doing every effort to enforce necessary regulatory measures in the United Kingdom in an attempt to align with global FATF standards. These measures will curb the illegal actions that are done with cryptocurrencies such as terrorism aid or anti-money laundering.
Various countries are mulling over to roll out laws for cryptocurrency and businesses dealing with crypto assets. For example, Russia is also planning to restrict the cryptocurrency in the country, but still, it is just a proposed bill.
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