FCA Extends Temporary Registration Deadline for Some Crypto Firms

The U.K.'s Financial Conduct Authority (FCA) pushed back its March 31 deadline for some crypto firms to attain full registration.

Companies that had applied for registration with the U.K.'s financial watchdog that had yet to be either accepted or rejected had been placed on a temporary register allowing them to continue operating until March 31.

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In an update published recently, the FCA said: "The Temporary Registration Regime (TRR) will close on 1 April, for all but for a small number of firms where it is strictly necessary to continue to have temporary registration."

A dozen firms currently occupy the TRR, including companies such as Blockchain.com, Copper and Revolut.

More than 100 crypto firms applied for registration with the FCA after the regulator became the anti-money laundering and counter-terrorism financing authority in the U.K. at the start of 2020.

To date, 33 have been approved. More than 60 have been rejected or withdrew their applications. Crypto payments firm Wirex was the most recent firm to do so, withdrawing its application this week.

Source: CoinDesk