Britain’s top financial regulator, the Financial Conduct Authority (FCA), has allowed five crypto firms to continue to operate in the U.K. with temporary registration. The deadline for crypto firms to register with the FCA was last week but these five 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 asset firms with temporary registration Thursday.
There are now five companies on the list: Cex.io Ltd., Copper Technologies (UK) Ltd., Globalblock Ltd., Revolut Ltd. and Moneybrain Ltd.
At the end of March, the British financial regulator said that it extended the registration deadline for some crypto firms to meet its regulatory requirements. At that time, there were 12 firms on the temporary registration list. Companies that are not on the latest list cannot continue to operate after April 1.
The financial regulator registered 33 companies in total. “We have reviewed applications from crypto-asset businesses to ensure they meet the minimum standards we expect those running these businesses to be fit and proper and have adequate systems in place to identify and prevent the flow of ‘money from crime,’ an FCA spokesperson recently commented.
Last week, the U.K. government unveiled a detailed plan to make the country a global crypto hub, and a “hospitable place for crypto.”
As part of this plan, the government has moved to regulate stablecoins and Chancellor of the Exchequer Rishi Sunak has asked the Royal Mint to create a non-fungible token (NFT) to be issued by summer. . Sunak said: “My ambition is to make the UK a global hub for crypto-asset technology, and the measures we have outlined today will help ensure businesses can invest, innovate and grow in this country.”
