bitcoin

FCA extends TRR deadline for crypto-asset businesses in UK

The United Kingdom’s Financial Conduct Authority (FCA) has moved the deadline of the Temporary Registration Regime (TRR) for existing cryptoasset businesses from 9 July 2021 to 31 March 2022.

According to the FCA, a large number of businesses have fallen short of the “required standards” under the Money Laundering Regulations. 

As a result, a lot of businesses have had to withdraw their applications.

Snippets from FCA’s Press Release:

“The extended date allows cryptoasset firms to continue to carry on business while the FCA continues with its robust assessment.

“Anti-money laundering and counter terrorist financing legislation are aimed at protecting against enabling the transfer and disguise of funds from criminal activity, or funding of terrorist groups.”

The FCA says there are other “elements” to be considered but it will only clear businesses that meet the adequate standard.

“While this is not the only element that the FCA will assess in relation to an applicant, the FCA will only register firms where it is confident that processes are in place to identify and prevent this activity.”

Read Also: Biden setup Blueprint to effect clamp down on Crypto tax evaders

While this is not the only element that the FCA will assess in relation to an applicant, the FCA will only register firms where it is confident that processes are in place to identify and prevent this activity.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

Check Also

Ethereum like gas fee

Ethereum like gas fee burning mechanism should be developed for BNB, new suggestions from BSC Devs

Binance Smart Chain (BSC) developers have suggested building Ethereum like gas fee burning mechanism for …

Leave a Reply

Your email address will not be published. Required fields are marked *