Britain’s top money regulator, the money Conduct Authority (FCA), has allowed 5 crypto companies to still operate within the U.K. with temporary registration. The point for crypto companies to register with the FCA was last week however these 5 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 its list of crypto plus companies with temporary registration Thursday.
There are currently 5 companies on the list: Cex.io Ltd., Copper Technologies (UK) Ltd., Globalblock Ltd., Revolut Ltd., and Moneybrain Ltd.
At the top of March, country monetary regulator said that it extended the registration point for a few crypto companies to meet its regulatory needs. At that point, there were regulatory companies on the temporary registration list. corporations that aren't on the most recent list cannot still operate once April one.
The financial regulator has registered 33 companies altogether. “We are reviewing crypto plus companies’ applications to confirm they meet the minimum standards we tend to expect that people who run these firms are fit and correct which they need adequate systems to spot and stop flows of cash from crime,” a interpreter for the FCA recently commented.
Last week, the U.K. government undraped a close arrange to build the country a worldwide crypto hub, and a “hospitable place for crypto.”
As a part of the arrange, the govt has set to control stablecoins and therefore the chancellor of the cash in hand, Rishi Sunak, has asked the Royal Mint to make a non-fungible token (NFT) to be issued by the summer. Sunak opined: “It’s my ambition to create the U.K. a worldwide hub for cryptoasset technology, and therefore the measures we’ve printed nowadays can facilitate to confirm companies will invest, innovate, and rescale during this country.”
( Kevin Helms, Bitcoin.com, 2022 )