Crypto firms face cliff-edge in UK as time ticks down for AML approval (via LHM1)
Time is running out for crypto firms to be approved for the UK’s anti-money laundering register before the end of March.advertisement
Without approval before a March 31 deadline, the future of these crypto firms’ UK operations — including exchanges, wallets and an array of other businesses — is uncertain. In July, the regulator said that a significantly higher number of businesses were not meeting the required standards under the Money Laundering Regulations . This resulted in what it called an “unprecedented” number of businesses withdrawing their applications.
In addition to the applications for the temporary register, which closed on 16 December 2020, the FCA has received and continues to receive applications from “new entrant” firms to continue crypto activities. They added that the current MLR regime and its territorial scope “does not appear to favour firms who set up shop in the UK.”
France Dernières Nouvelles, France Actualités
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