From the 10 January 2020, all UK cryptoasset businesses, whether new or existing, carrying on activities within the scope of the Money-Laundering Regulations (MLRs), must be registered with the FCA. The FCA website indicates that those who do not register on time will have to cease trading. Under the new regime, the FCA will be responsible for AML/CTF registration supervision and enforcement.
The FCA has already started supervisory assessments of cryptoasset businesses in regards to MLRs compliance, irrespective of whether they are registered or not with the FCA. The FCA’s supervisory assessment includes a requirement for a business to demonstrate that it has policies, controls and procedures in place to effectively manage money laundering and terrorist financing risks.
If you would like to discuss any issues regarding cryptocurrencies that your business might be facing, then please contact the head of our digital assets desk Tom Clark on 07966 182565 or at email@example.com.