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UK FCA Updates Temporary Registration List To Allow Only 5 Crypto Companies To Operate With A Full Licence: Latest Updates

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UK FCA Updates Temporary Registration List To Allow Only 5 Crypto Companies To Operate With A Full Licence

Highlights:

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• The regulator has so far registered 33 enterprises.
• Stablecoins will be covered within the UK’s payments regulatory framework in the near future.

Introduction:

The Financial Conduct Authority (FCA), the UK’s financial regulator, has granted five cryptocurrency companies interim registrations to continue operating in the nation. The Financial Conduct Authority amended its list of digital asset firms, which now includes entities with provisional registrations.

Cex.io, Copper Technologies (UK), Global block, Revolt, and Money brain are the five companies that have been granted a temporary license. The deadline for crypto companies to register with the FCA passed last week, yet these five companies’ applications are still pending.

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The British financial regulator said at the end of March that it had delayed the registration date for some crypto companies in order to meet its regulatory criteria. There were 12 firms on the temporary registration list at the time. Companies that do not appear on the most recent list will be unable to operate after April 1.

However, just because they’re on the list doesn’t mean the FCA has deemed them “fit and appropriate.”According to Bitcoin.com, the FCA has registered 33 crypto asset organizations, with a spokeswoman adding, “We’ve been assessing crypto-asset firms’ applications to ensure they satisfy the minimal criteria of running a corporation that is fit, proper, and has necessary mechanisms to identify and prevent criminality.”

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UK FCA Updates Temporary Registration List To Allow Only 5 Crypto Companies To Operate With A Full Licence

Firms permitted to “carry out crypto asset activities” in the United Kingdom must either be registered with the Financial Conduct Authority (FCA) or have been granted temporary status — which was set to expire in March 2022 — following a crackdown on antimoney laundering (AML) and counterterrorist financing (CFT) compliance.

The FCA’s provisional registration list comes after the UK issued a set of guidelines outlining the crypto sector last week. As part of the UK’s recent pronouncements, stablecoins have been recognized as a legitimate means of payment. Last year, the British government held a survey on crypto assets and stable coins, the results of which were disclosed by UK Economic Secretary John Glen at the Global Finance Summit.

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According to an official blog post, “the government plans to legislate to bring stablecoins — which were used as a form of payment — within the payments regulatory perimeter, providing conditions for stable coin issuers and service providers to operate and invest in the UK.

Meanwhile, as part of his intentions to transform the UK into a worldwide crypto powerhouse, the British Chancellor of the Exchequer Rishi Sunak authorized the creation of tradeable, government-backed nonfungible tokens (NFTs). Sunak has directed that these blockchain-based digital collectibles be produced by the Royal Mint.

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