FCA Extends Temporary Registration Regime for Certain Cryptoasset Businesses

The UK's Financial Conduct Authority (FCA) is extending the 31st March deadline for a group of crypto firms to secure full registration.

Crypto firms that had applied for registration but had not been accepted or rejected have been put under the Temporary Registration Regime (TRR).

Fazzaco Live Webinar on 7th April: Nahum Greenberg Talks About MarksMan Liquidity Hub

This is set to close on 1 April but in an update on its site the FCA now says that the closure will not apply for a "small number of firms where it is strictly necessary to continue to have temporary registration".

Among the dozen companies under the TRR are big names such as Revolut and Blockchain.com, which can now secure additional time if they show they need to provide extra information to make their case or make an appeal.

Of the 100-odd crypto outfits to apply for registration since 2020, the FCA has approved 33, with the others either being rejected or withdrawing their applications.

"While we have registered 33 firms, we have seen too many financial crime red flags missed by the cryptoasset businesses seeking registration,"an FCA spokesperson said."Worse, we have seen examples where firms do not have the controls necessary to raise red flags in the first place."

Source: Finextra