The Financial Conduct Authority (FCA), the UK’s premier financial regulator, allows five cryptocurrency companies to continue their operations in the UK with temporary registration. The deadline for crypto companies to register with FCA was last week, but applications for these five companies are still pending.
Five crypto companies can continue to operate in the UK with temporary registration
The Financial Conduct Authority (FCA) updated its list of crypto asset companies on Thursday with a temporary registration.
Currently, there are 5 companies on the list. Cex.io Ltd. , Copper Technologies (UK) Ltd., Globalblock Ltd., Revolut Ltd., and Moneybrain Ltd.
At the end of March, UK financial regulators announced that they had extended the registration deadline for some crypto companies to meet regulatory requirements. At that time, 12 companies It is on the temporary registration list. Companies that are not on the latest list will not be able to continue their business after April 1st.
Financial regulators have registered a total of 33 companies. “We review cryptocurrency companies’ applications and have the right system for the people who run these companies to identify and prevent the flow of money from crime. We have confirmed that we meet the minimum standards we expect, “the FCA recently commented.
Last week, the British government publication A detailed plan to make the country a global crypto hub and a “place of hospitality for crypto”.
As part of the plan, the government decided to regulate Stablecoin, and Minister of Finance Rishi Sunak asked the Royal Mint to create a non-fungible token (NFT) to be issued by the summer. Snack said: “It is my ambition to make the UK a global hub for crypto technology. The measures outlined today will help companies invest, innovate and expand in this country.”
What do you think about the FCA extending the registration deadline for five crypto companies? Let us know in the comments section below.
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