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Does your business deal in crypto? Priority cryptoasset registration applications deadline fast approaching

[fa icon='calendar'] 22-Jun-2020 17:02:44 / by Colin Sloan posted in 5MLD, cryptocurrency, Cryptoassets

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The 30 June deadline for crypto asset applications to receive a priority review from the FCA is fast approaching. 

As you may be aware, cryptoasset exchange providers and custodian wallet providers have been included in the AML supervisory regime by virtue of 5MLD. This inclusion was implemented in the UK by virtue of The Money Laundering and Terrorist Financing (amendments) Regulations 2019 which came into force on the 10 January this year.

Cryptoasset exchanges and custodian wallet providers are now therefore subject to the full range of AML obligations under the Money Laundering Regulations 2017 (MLRs), including customer due diligence, suspicious activity reporting, transaction monitoring obligations, etc.

Furthermore, the UK government has given the FCA powers to supervise and enforce the requirements laid out within the MLRs. As such, these firms must now register with the regulator.


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Cryptoassets and FinCrime: Building for the Future

[fa icon='calendar'] 22-Jan-2019 07:45:00 / by Stephen Stewart posted in cryptocurrency, fincrime

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Whether you call them cryptocurrencies, cryptoassets or virtual assets, these tokens and their underlying technology, Distributed Ledger Technology (DLT), remain at the forefront of regulators thoughts, often operating in an unregulated or semi-regulated world which sits somewhere between a land of opportunity and the wild wild west.

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Why financial services regulation is crucial to fintech

[fa icon='calendar'] 30-Jun-2017 11:02:31 / by Philip Creed posted in cryptocurrency, fincrime, challengerbanks, In the Media, Regulatory compliance

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